The consumer champion warns if you’re on the price cap, you’ll pay ‘massively too much over the next year’.
Martin Lewis has dropped a special energy bills edition of his popular weekly BBC Podcast urging 85 per cent of households across the nation to get off the price cap to ensure “absolute peace of mind” for the next 12 months. Energy bills increased by 10 per cent on October 1 which means people on the price cap will pay around £149 more over the year ahead, with annual costs rising from £1,568 to £1,717.
Martin said: “We use the word price cap because it sets a maximum that firms can charge on their standard tariffs but in reality they all charge the maximum, so it is effectively what we had in regulated pricing for 85 per cent of homes in the UK. Martin said that “a fix is the right move for most people, that is the easy sensible decision” and went on to explain how not all fixed energy tariffs require a smart meter. While most do, some don’t so it may be worthwhile looking at other providers if your supplier insists on installing one.
Martin also reminded people that there is no cap on energy bills, so if you use more, then you’ll pay more and similarly, use less and you’ll pay less.
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