Money-saving expert Martin Lewis has urged households to fix bills ahead of the October rise in Ofgem’s price cap to secure a better deal.
Posting on X, Lewis pointed out that two-thirds of UK homes, excluding Northern Ireland, are still on a tariff determined by the price cap. This is due to rise by 2% on October 1, meaning the average UK dual-fuel household will pay £1,775 in energy costs. Moreover, he points out that the rises are falling disproportionately on lower users. Due to increases in standing charges, it will now cost £320 a year before using any energy at all.
He says households can save 17% on bills from October by switching to a fixed tariff now. Moreover, fixed deals can be 15% less than the current price cap, meaning instant savings. Lewis explained:
“That means for those on a capped tariff, switch to a fix and your energy use immediately costs less and is guaranteed to do so until at the very least December 31, but almost certainly well beyond that too…”
He added that current predictions, albeit still uncertain, are pointing to a 2% drop in prices in January, followed by a 5% rise next April.
You can also save money by ensuring your boiler is working efficiently ahead of the colder seasons. Contact Xgas to arrange your annual boiler service in Chester and other locations near Wrexham to ensure your boiler is working efficiently, reliably and, most importantly, safely.