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Martin Lewis warns This Morning viewers about energy price hike
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Martin Lewis is a finance expert and the founder of Money Saving Expert. The 49-year-old often shares money saving tips with Britons, including via the Money Saving Expert weekly email.
This week, Martin warned homeowners of rising energy bills.
Bills could increase by £100s this year as the price cap is set to increase by £140 a year in October.
Martin stressed it is likely to rise again after that, changing in April next year.
The money saving expert recommended looking around now for cheaper bill prices.
You can do this by using a comparison site or tool, such as Money Saving Expert’s Pick Me A Tariff tool.
For those with British Gas, E.on, EDF, Scottish Power, or SSE, Martin advised locking into a cheap fix now to protect against the likely rise in prices in the future.
He said: “If you do a cheap one year fixed comparison and you can lock in at a cheaper rate for a year, it’s worth doing even if the saving is only a few quid, as the likelihood is over the next year the price cap will rise.
“So your real savings will be bigger.”
Martin explained that even those who set up a cheap fix a year ago will soon have to pay £100s more.
The finance expert said the market’s cheapest fixes are unfortunately 44 percent more expensive than this time last year, and are likely to continue to rise.
“Accept it or write to your MP,” Martin advised.
When comparing companies, you must be careful of energy switching sites such as Cheap Energy Club, according to Martin.
He said these sites are paid by firms they can process a switch for, therefore “to protect their incomes, most sites by default hide any tariffs they don’t have a commercial relationship with”.
Martin recommended using Money Saving Expert instead.
The finance expert went on to warn readers that not all fixes are cheap.
He said: “Horrifyingly, Scottish Power has a fix lasting just over a year which is 20 percent higher than the new price cap.
“Prices would need to rise roughly 50 percent next April before that was worth doing – ridiculous.
“And it’s not alone. Other biggies, including Shell, Octopus, British Gas, EDF and SSE, all have some fixes above the price cap too (though those lasting longer are less bad).
“So don’t just go for your supplier’s fix, instead it’s better to do a whole-of-market cheap fix comparison.”
Martin concluded there are small things you can do to lower the price of your bill, saying: “Use less and you pay less.”
He added: “Most people (including me sometimes) do waste energy.
“We know wearing jumpers, lowering thermostats, and not leaving electricals on standby will help.
“And maybe these price hikes may change behaviour.”
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