Britons told to take one simple step as energy price cap change starts today

Average household energy bills will plummet to £2,074 a year from today.

The change comes after energy regulator Ofgem announced a reduction of £426.

The Government’s energy price guarantee, which has been subsidising bills, previously capped payments at £2,500 a year.

Completing a meter reading can help inform suppliers how much energy each households were using up to the point the price cap changed.

Emily Seymour from the consumer site Which?: “Submit a reading straight away to make sure your energy company doesn’t overcharge you.”

Sara Williams from the advice website Debt Camel added: “It’s also a good idea to take a photo of the meter reading for your records.”

Ofgem’s price cap previously stood at £3,280 a year for the average dual fuel household paying by direct debit.

The change will ensure households pay 30.11p per kWh for electricity and 7.51p per kWh for gas.

Independent energy market consultants at Cornwall Insight is predicting prices could fall below £2,000 by October.

However, Cornwall Insights also expects prices to rebound to £2,004 from next January.

The firm claimed its prediction reflected consumers “responding to high prices, energy efficiency, weather conditions and other influences by reducing their energy use”.

Cornwall Insights Dr Craig Lowrey added: “Households are facing the challenge of bills that are well above historic levels.”

Prices skyrocketed six-fold following Russia’s invasion of Ukraine.

The Government was forced to intervene amid fears bills could exceed £6,000.