Key Highlights
- Martin Lewis advises people to switch their energy supplier to save on bills.
- The Energy Price Cap is set at £1755 per year for a typical household between October and December 2024.
- Some energy companies are offering tariffs up to 18% cheaper than the cap, potentially saving up to £315 off annual bills.
- Switching energy providers should take no longer than 5 working days without interrupting supply.
Martin Lewis Shares Energy-Saving Tips for Winter
In a recent personal finance update, Martin Lewis has shared his advice on how to save money on energy bills this winter with a simple 5-minute check. The move is aimed at helping households reduce costs amid rising energy prices.
Switching to Cheaper Tariffs
Martin Lewis emphasizes the importance of switching energy suppliers, citing that doing so can be one of the quickest and most effective ways to save on bills this winter. He advises that people should get off the Energy Price Cap if possible, as there is more choice available elsewhere in the market.
Understanding the Energy Price Cap
The Energy Price Cap, officially known as the “pants cap” by Martin Lewis, has a set price for October to December 2024 at £1755 per year. However, some energy companies are currently offering tariffs that can be up to 18% cheaper than this cap, potentially saving households up to £315 off their annual bill.
How to Find the Best Tariff
To determine which tariff you are on and find a better deal, Martin Lewis recommends checking recent energy bills or logging into your online account. Once you have these details, you can compare deals with whole-of-market comparison sites to lock in a more favorable rate.
Timing for Switching
The best time to switch is when fixed-rate deals are coming to an end, as this allows households to find better rates than the current Price Cap. For those who signed up to fixed deals recently, it’s recommended to mark 49 days on a calendar and start searching for new deals before that point.
Switching Process
Martin Lewis notes that switching energy providers is straightforward and shouldn’t take longer than 5 working days. During this process, there will be no interruption in supply, ensuring households remain warm and powered without any downtime.
For those looking to save on their energy bills this winter, following Martin Lewis’s advice can prove beneficial. By understanding the current Price Cap and exploring alternative tariffs, households can potentially reduce their costs significantly.
