As The Martin Lewis Money Show made a comeback tonight, one audience member claimed they made an impressive £240 saving on energy bills. The money-savvy fan said she’d used the financial expert’s nifty comparison tool to slash her bills down amid the UK’s continued battle with the energy crisis.
But what exactly does Martin Lewis’ Cheap Energy Club tool do? Crucially, it allows Brits to see if their bills are impacted by the default capped tariff which rose by a staggering 10% from October 1. This only affects households in England, Scotland and Wales – and especially applies if you haven’t switched recently.
So, if you are on the cap, you could be among thousands of households that may see their electricity and gas costs go up to £1,717 per year, which is set in place until December 31. As a result, it may be worth looking around for cheaper deals.
The team at MSE has previously warned that some of the best deals have ‘started to be pulled’, so you’ll need to make this an urgent priority. E.on Next, British Gas and Outfox the Market are among the top three firms currently recommended for one-year fixes.
For instance, E.on Next is currently offering a 12-month fix for its customers at a rate 6.6% less than the Price Cap, including MSE cashback. The impressive deal comes as Martin Lewis personally slammed the energy price cap as ‘pants cap’ in tonight’s Money Show.
“What we have now is a time-lagged price cap, where the price cap is going up when though wholesale rates are coming down right now,” he also added an interview with the BBC. “The reason this is important is, while the price cap is time-lagged, the switchable deals, they are able to take advantage of the current short-term lower wholesale rates. It’s a pants cap – you shouldn’t be on it.”