Substantial smart meter changes are set to come into play by regulators Ofgem, which may in-turn result in energy bills dropping. The watchdog authority are ensuring automatic updates will be sent regarding energy usage every half an hour from next month.
This comes as homeowners are splashing out more than 50% more each year, with energy bills skyrocketing through the price of wholesale gas. This move also means that suppliers will be able to provide more accurate bills - meaning customers won't be required to make payments based on estimates.
The energy price cap was increased last week, adding almost £700 on to the average household bill, reports Birmingham Live.
Read more: DWP set to start 'slowly' moving 1.7million people onto Universal Credit within weeks
The change will also allow suppliers to introduce more time of use tariffs. This means busy times will be more expensive and quieter times will be cheaper - effectively introducing surge pricing, reports the Sun.
If customers on time of use tariffs can shift their energy usage to less busy periods, they could save money. However, it could have the opposite effect for consumers who need to use gas or electricity during the peak time.
Scottish Power, EDF and Octopus Energy, which has 11 million customers between them, support the changes, the Telegraph reported earlier this year.
Have your say in the comments below and don't forget to sign up to our free newsletters here to stay in the loop with our latest stories and more.
