Martin Lewis gives energy advice at Ideal Home Show

Speaking at the Ideal Home Show on the opening morning, financial expert Martin Lewis has given advice about which energy tariffs to consider.

He started by explaining the current situation for consumers:

“The vast majority of people in the country’s pay is dictated by the energy price cap which is set by Ofgem which says that the maximum standing charge (if you are on the standard tariff), then firms can go lower in price, but they don’t, so effectively Ofgem sets the price.”

This has meant that there has been a shortage of competitive deals in the market. Nevertheless, Lewis highlighted the E.ON Next Pledge for anyone happy to pay by direct debit and have a smart metre installed, because it will always be 3% cheaper than Ofgem’s price cap. The only other deals he suggested were Octopus Energy’s tracker and agile tariffs, which vary every day and half-hour, respectively, based on wholesale prices. He cautioned, however, that while these tariffs had worked out considerably cheaper than the price cap in recent months, there was no guarantee that this would continue to be the case.

Speaking about smart meters, Lewis criticised the rollout, pointing out that a fifth of installed metres essentially functioned as fixed metres.

Ensuring that your boiler is working efficiently and installing thermostatic radiator valves to heat your home more intelligently are other ways to reduce your energy bills. Xgas can provide a boiler service in Chester, as well as make any improvements to your heating system, so get in touch today to learn more.