×

Martin Lewis Urges Brits To Save £100 Or More On Bills Amid Ofgem Price Cap Increase

martin-lewis-urges-brits-to-save-100-or-more-on-bills-amid-ofgem-price-cap-increase

Martin Lewis Urges Brits To Save £100 Or More On Bills Amid Ofgem Price Cap Increase

Express. Home of the Daily and Sunday Express. HOME News Politics Royal Showbiz & TV Sport Comment Finance Travel Life & Style UK World Politics Royal US Weather Science History Weird Nature Sunday InYourArea The energy price cap set by the regulator soared to £1,717 earlier this month, but there are ways to save money. By Max Parry, News Reporter

11:49, Sun, Oct 27, 2024 | UPDATED: 11:51, Sun, Oct 27, 2024

Woman turning on the gas burner on the stove. (Image: Getty)

Experts have urged Brits to pursue fixed energy deals as they can be cheaper than the current Ofgem price cap.

Switching could result in savings of over £ 100 a year, so Brits may be advised to look into finding a cheaper tariff before winter arrives in earnest.

The energy price cap, set by Ofgem, rose 10 percent earlier this month to £1,717 a year at the start of October.

The raising of the cap comes with temperatures plummeting as Brits look to put their heating on.

A woman checks her radiator in her flat (Image: Getty)

Martin Lewis, the personal finance guru, warned that if you stick to the energy price cap, you are “ripping yourself off”.

“Nobody should be on the price cap, but 85% of people are”, he previously told BBC Radio 4’s Today programme .

Most of the major providers have fixed-rate deals that are below the cap.

Invalid email

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy

According to his moneysavingexpert.com website: “If you find a fix for less than the current (Oct to Dec) Price Cap, it’s predicted you’ll save over the year compared with staying on the Price Cap.”

“The price cap is predicted to fall slightly in January, but this would still leave energy costs 8% higher than fixed deals currently available,” said Elise Melville, an energy expert at Uswitch.com.

She added: “You don’t need to keep paying more.”

IPSO Regulated Copyright ©2024 Express Newspapers. “Daily Express” is a registered trademark. All rights reserved.

You May Have Missed