As winter approaches, many Britons face rising energy bills due to increased demand. Martin Lewis, founder of MoneySavingExpert, offers crucial advice aimed at helping consumers save significant amounts on their energy costs. His tips could lead to savings of hundreds of pounds during the colder months.
Martin Lewis’ Financial Tips
Lewis recently highlighted that many consumers are facing inflated energy bills, urging them to reconsider their current energy tariffs. On October 2, the energy price cap increased by 2%, now set at £1,755 per year for the average household using both gas and electricity. Lewis pointed out that staying on the standard variable tariff could be a costly mistake.
Take Advantage of Switching Tariffs
Martin Lewis emphasized the importance of switching energy providers to secure better deals. He stated: “If you aren’t on a fix or special deal, give my podcast a listen; many can save £100s.” Using the free Cheap Energy Club on El-Balad, consumers can explore various tariffs they may qualify for, potentially reducing their energy expenses.
- Switching to a fixed tariff can provide protection against future price increases.
- One follower shared their experience, stating they saved £90 per month by switching from EON to British Gas.
- This switch could save them £1,080 annually.
Understanding the Energy Price Cap
The energy price cap, regulated by Ofgem, defines the maximum amount energy suppliers can charge for energy consumption on standard variable tariffs. It is influenced by various factors, primarily wholesale energy prices. The next review of the cap is scheduled for January 2026, with expectations of slight reductions following the winter peak demand.
In summary, consumers are encouraged to take action now to avoid being overcharged on their energy bills. With Martin Lewis’ strategies, many can retain more money in their pockets this winter.
