As the chill of winter sets in, energy bills are set to climb during the frosty months ahead.
However, consumer champion Martin Lewis has shared some invaluable advice. The Money Saving Expert appeared on X this week, urging a savvy switch from pricier tariff plans.
He offered a straightforward tip, saying: “Get off the Price Cap! Now’s the time to compare energy – can you save £200+/yr? My full detailed briefing and best-buys are here.”
Mr Lewis further clarified for those who’ve locked in their tariffs that they’re not subject to price caps, stating: “If you have fixed your energy tariff you are NOT on the price cap. So the suggestion to ditch the price cap doesn’t apply to you.
“You’ve already ditched it. The price cap is only on standard variable, ie default tariffs, which you’re on if you’ve not actively switched.”
This guidance proved to be a financial game-changer for people like Chris Jackson, who managed to slash £60 off his monthly energy expenditure by heeding the advice.
He expressed his gratitude, saying: “Seeing this made me double check my tariff, I’m now paying £60 a month less, thank you.”
Chris’s story isn’t unique, as numerous other Brits have also enjoyed substantial savings, expressing their astonishment at the extra cash they’ve been able to retain thanks to Mr Lewis’s suggestions.
Another satisfied customer responded: “Just re-fixed My tariff for 12 months less than a month after fixing it for the first time. It’s still with British Gas and is lower than the latest price cap.”
One more said: “Switched yesterday, which – in theory – will save up to £400 this year (plus the credit back on my account).”
A third also revealed: “I was with Octopus who were recommending I pay £235 a month and changed to EDF for £176 a month on a 12 month fixed rate. Appreciate the advice Martin.”
Mr Lewis has been urging homeowners to step away from the energy price cap, pointing out those on variable rate tariffs might be squandering hundreds of pounds annually. If you shop around, you might find some fixed energy deals offering rates almost £200 a year cheaper than Ofgem’s new price cap, which saw a dramatic 10% increase as of October 1.
With the new measures in place, the average household energy bill is set to rise by £149 yearly, rocketing from £1,568 to an eye-watering £1,717 per annum for the typical dual-fuel household in England, Scotland and Wales.
Mr Lewis has made his stance clear, suggesting people should steer clear of variable tariffs aligned with the cap, and instead look for the cost-effective deals on offer. As evident from the feedback he’s received, it seems his advice is paying off for many.