Martin Lewis urges Brits to take action now to save hundreds on energy bills
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A finance expert has urged Brits to “act now” to ensure they save money on energy bills over the next 16 months. According to Martin Lewis, many households could save up to seven percent on their bills by making certain changes. Writing on his site Money Saving Expert (MSE), Martin urged people to consider switching to a cheaper energy price-capped tariff. Following a hike in October and January the energy cap is predicted to rise again in April.
But there are some deals out there that would mean you avoid this rise. He explained: “Most homes are on an energy price capped tariff. The cap went up 10 percent on 1 Oct, up another one percent on 1 Jan and it's now predicted to go up three percent to five percent on 1 Apr.
“Yet act now and you save now, and can prevent future hikes.” Martin added: “The easiest and safest route is fix now.”. For anyone still unsure as to what the cap is, he clarified that it is not a total cap on what you pay. It is actually a limit on the daily charge and unit cost of energy, “so use more, pay more”.
Martin continued: “Most firms charge at the limit, and these limits are high now, meaning the price cap is a pants cap, as most can easily compare and switch to a cheaper deal.” This will apply to most homes in the UK he said, with roughly eight in 10 households on a price capped tariff.
If you’re unsure whether you are, you can check with your provider or use the online MSE comparison tool. “Move to the cheapest fix and within five working days you'll be paying typically seven less than what those on price capped tariffs pay,” he said.
