Making the right choice as your energy deal ends
CUTTING ENERGY costs is needed now more than ever, the financial journalist and broadcaster says.
Prices are set to soar in April this year after wholesale prices of gas and coal increased.
Estimates show that customers could see their bills increase by around 51 per cent, or around £600 annually.
Martin Lewis advises most people not to fix their current bills with deals companies are offering now with the exception of a few existing customers.
Speaking in his MoneySavingExpert. co.uk newsletter, he said: “Unsurprisingly, with this prediction many are asking me if they should now move off the price cap to fix?
“After number-crunching, for most, it’s still a ‘no’ but for the first time in many months fixing may be worth it for a few.”
He said that if you find a deal that is no more than 40 per cent higher than your current deal, you should look into whether it works for you.
He said: “If you’re offered a fix that’s no more than 40 per cent costlier than your current price-capped tariff, it’s worth considering – especially if you value budgeting certainty”.
Martin has warned that
As energy bills continue to rise, money-saving expert Martin Lewis reveals his top tips for families facing a cost of living crisis. The timely advice supports our Heat & Eat community campaign.
locking in a deal now will leave you stuck with the price if they do get cheaper at any point.
He has said that most fixed deals that energy companies are offering at the moment are worth around 56 per cent more than the cap which will be introduced in April.
Other tips for reducing energy bills include: Turn your thermostat down. Fit a free water-saving shower head. Draught-proof your home. Cut your time in the shower. Wash more clothes less. Use radiator thermostats.