Martin Lewis advises people on major energy suppliers like British Gas and Octopus to compare tariffs and fix a rate now to avoid a predicted 6% price cap rise in April. He warns that 80% of households in Scotland, England, and Wales overpay for energy and urges them to take action before the increase.
Martin Lewis is urging millions of people on British Gas, Scottish Power, Octopus, EDF, E.on Next and Ovo on the price cap to check their energy tariff as they could be “overpaying and should sort now”. Writing in this week’s MoneySavingExpert newsletter, the consumer champion warned the next Ofgem price cap is predicted to increase bills from April 1 by 6 per cent, some £200 over the year ahead.
Ofgem will announce the new price cap on February 25, this will start on April 1 and run until the end of June. “Our seven tips are designed to ensure that people arm themselves with all the key information they need before looking into switching, so they can make an informed decision." Research new suppliers and tariffs When you’re ready to look for a new deal, it’s important to use an Ofgem-accredited price comparison tool. There is a list on the Ofgem website, available here.
If you have a smart meter, check it will work with the new supplier. If it doesn't, you might end up with inaccurate readings and estimated bills. Don’t forget early exit fees Customers should check if their supplier charges an exit fee for switching before the end of the contract. In some cases, this cost might outweigh the benefits of moving to a new deal.
ENERGY PRICES MARTIN LEWIS PRICE CAP ENERGY TARIFFS OFGEM
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