MARTIN Lewis has urged energy prepayment meter customers to consider stockpiling before prices rise next month.
Brits who prepay for their gas and electricity could save hundreds of pounds by topping up ahead of the planned hikes.
1
Energy prices are set to soar in April, adding £693 a year to bills for millions of customers.
But if you have a non-smart prepayment meter, you won’t have to pay the new rates until you top up.
That means any credit you have will be charged at the old, lower rate – delaying the price rise and saving you money.
“Many with older, non-smart meters on price-capped tariffs can legally ‘stockpile’ gas and electricity credit before prices shoot up,” Martin said in the latest MoneySavingExpert newsletter.
“If you can afford to, it could mean big savings.”
This tip will only work for customers on the standard variable tariff, which is protected by the energy price cap.
Unfortunately it’s not an option for households with a smart meter, as these are updated remotely with the new rates.
How can I delay the price hike?
You can delay the rise in energy bills by stockpiling credit before April 1 if you have a non-smart prepayment meter.
Simply work out how much you can afford to spend on bills now, and top up by that amount.
You will be charged the old rate even after the new price is implemented.
Some people won’t be able to use this trick, as it involves paying a lump sum up front.
Make sure to only top up by how much you can afford and don’t leave yourself short for other expenses, such as food and rent.
MoneySavingExpert said the tip works for most energy suppliers.
That includes British Gas, Bulb and E.on.
However, Scottish Power customers shouldn’t stockpile, as the company said it will reclaim the difference between prices.
We pay for your stories!
Do you have a story for The Sun Online Money team?
Most read in Money
