MSE News: Prepay for your energy? You could keep today's cheaper rates for a little longer

MSE_Andrew

Many with older prepayment meters could potentially delay the upcoming price hikes and keep the cheaper rates under the current price cap for a little longer. It's all about 'stockpiling' gas and electricity credit before the rates rise.

Read the full story here: 

'Prepay for your energy? You could keep today's cheaper rates for a little longer – here's how'

Click reply below to discuss. If you haven’t already, join the forum to reply.

Lum

If I'm understanding this correctly, as soon as you top up any amount the new rates apply, so if you stack the meter up to silly money, and then rates drop, just top up a quid to get the new rates?

Also looks like the limit on an electric meter is £255 (cue eyerolls from any programmers in here), but you could also put £255 on the key, and provided the key was loaded before the price rise that's £510 of "cheap" electricity you can store.

Is that correct?

Tranboy

My mums old and dumb prepay meter currently shows the electricity rate as about 19p kwh but I'm unsure what the gas rate is,I'll be sure to do a few runs to the local shop to top up her keys before April.

tunde10

Just a common sense thing to do for anyone on Pre-pay.

Unfortunately most people on prepay meters are also less likely to have £250+ spare cash available in a lump sum.

Marvel1

I will definately be doing this.

If I'm right, £250 max for electric, I spend average £40 a month, could last me 6 months.

Glad i kept i turning down smart meters now.

henros84

Hi Lum,
below is a copy of transcript of a conversation I had with an agent from Bulb energy on mon 28th feb. Hope it helps:

Message from Visitor.

prepayment meter

Message from Visitor.

if o top up key day before price rises, what happens?

Chat started

Message from Agent.

Hi there

Message from Agent.

If you top up the key with a large amount before the 1st of April then you'll still be charged on the old tariff  

Message from Agent.

So I would recommend that if possible

Message from Visitor.

what is the maximum allowed to top up

Message from Agent.

Your meter can hold up to £249 I believe

Message from Visitor.

and is it possible to empty that into the meter then add another 249 to the key so that i can then add that to the meter when the first 249 is used up?

Message from Agent.

I'm not sure you can top up £249 on the key itself

Message from Agent.

One moment I'll try find out

Message from Visitor.

thanks

Message from Agent.

Ok got some clarification

Message from Agent.

So the meter can hold up to £249

Message from Agent.

But you can only top up the key £49 at a time

Message from Agent.

So if you top up say £49 a day until you get to the limit then that should work

Message from Visitor.

ah ok, and is that true for both gas and electricity?

Message from Agent.

No gas has no limit so you should be able to top up more

Message from Agent.

But I would still do it in batches just in case there are any issues

Message from Visitor.

brillaint, thats a great help , thanks again

Message from Agent.

No problem

Message from Agent.

Have a good day  

Message from Visitor.

you too

Sorry are you still there

Message from Agent.

Your electricity meter can hold up to a total of £255, as can your electricity key. This means at any one time you can have a maximum of £510 on your meter and key.

Message from Agent.

Sorry just got more info

Message from Visitor.

yes, thanks , just got ti

Message from Agent.

Perfect

Message from Agent.

Ok have a good day

Rockersandrew

We don't have smart meters or a prepayment meter but submit regular meter readings and pay by monthly DD

Would it be legal to submit  much higher meter readings than actual  and thus pay (admittedly a larger initial amount) for gas & electricity we effectively haven't used yet at the current rate?

I assume this would be flagged up as excessive energy use, but if we can legally "prepay" this way - is it permitted?

Hope that make sense!

GingerTim

Rockersandrew said:

We don't have smart meters or a prepayment meter but submit regular meter readings and pay by monthly DD

Would it be legal to submit  much higher meter readings than actual  and thus pay (admittedly a larger initial amount) for gas & electricity we effectively haven't used yet at the current rate?

I assume this would be flagged up as excessive energy use, but if we can legally "prepay" this way - is it permitted?

Hope that make sense!

This would be fraud.

Rockersandrew

Conversely, let's imagine that instead of gas/electric rates going UP, they were going DOWN.

Would I be able to submit higher readings NOW to pay for gas/electricity in advance -but knowing that I would be losing out?

Though the sums work out NOT in my favour with that scenario, the energy company would be better off.

Would THAT still be fraud?

wykeman

Perhaps MSE should check this out on our behalf before the rates increase!

GingerTim

Rockersandrew said:

Conversely, let's imagine that instead of gas/electric rates going UP, they were going DOWN.

Would I be able to submit higher readings NOW to pay for gas/electricity in advance -but knowing that I would be losing out?

Though the sums work out NOT in my favour with that scenario, the energy company would be better off.

Would THAT still be fraud?

Making false representation to try and get away with paying less than you are legally due is the very definition of fraud. 

In this second scenario, no, you are not trying to gain an advantage so it wouldn't be fraud, just stupidity.