Most people know by now that energy prices are set to rise in the winter months.
But, even though it seems like something to worry about, Martin Lewis insisted there’s a simple way you can save money. The Money Saving Expert took to X this week to urge people to make a simple tariff change.
He wrote: “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 shared this alongside a breakdown of his advice, and noted you’re “ripping yourself off” if you’re staying on the price cap. He added: “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.”
One man, known as Chris Jackson, has since praised his advice, as it’s helped him to save hundreds of pounds a year on bills. The simple change can really make a big difference to your savings.
Chris replied: “Seeing this made me double check my tariff, I’m now paying £60 a month less, thank you.” And Chris isn’t the only one to see huge changes.
Others Brits also commented to say Mr Lewis’s advice has helped them, with some left stunned at how much you’re able to save.
One person replied: “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 & is lower than the latest price cap.”
Another added: “Switched yesterday, which – in theory – will save up to £400 this year (plus the credit back on my account).”
A third also wrote: “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.”
This week Mr Lewis has been urging households to “get off the energy price cap” as those remaining on variable rate tariffs could be losing hundreds of pounds a year.
If you look around, you’ll discover some fixed energy tariffs are offering rates up to £200 a year cheaper than Ofgem’s new price cap, which rose by a hefty 10 percent on October 1.
The new cap sees the average household energy bill rise by £149 a year, with the cap increasing from £1,568 to £1,717 annually for a typical duel-fuel household in England, Scotland and Wales.
Mr Lewis said people shouldn’t stick with variable tariffs that track the cap, as there are deals out there that are much more cost effective, and now it seems his advice is really paying off.
