How to save money on energy bills: Matin Lewis’s five tips
Energy prices: LBC caller speaks of 'panic' when bills arrive
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Ofgem (the Government body that regulates how much energy companies can charge their customers) is expected to introduce a new much higher price cap on energy bills this April. This “potentially devastating hike” could see thousands of households struggling to pay their bills. Here are five of Martin Lewis’s best tips to help you save money on your energy bills.
Gas prices have increased astronomically over the past year. In the space of just twelve months, the market price of gas has more than quadrupled ITV reports.
Many UK households were protected from these huge price hikes by the Government’s price cap which was set last August.
But since then gas prices have continued to soar and many energy companies have gone bust as they struggled to meet these spiralling costs.
As the Government cannot afford to prop up these energy companies, this means the rising costs of gas will be passed on to the consumer as the next energy price cap is expected to be increased dramatically.
As a result of the new price cap, Mr Lewis forecasts that energy prices will soar by a minimum of 50 percent in April.
Here are five ways you can save money to prevent the price hikes from biting this April.
Reduce your shower time
Mr Lewis told viewers during his Money Show Live TV programme that cutting down on your shower time can save around two percent on your energy bills.
This simple hack could save around £30 per person a year.
Turning down your thermostat
Turning down your thermostat by just one degree this could save the average energy user a hefty £55 a year on their energy bill.
Mr Lewis said: “If you turn your thermostat down a degree that’s roughly a four per cent reduction in your energy use over a year [which is] £55 for somebody on typical use.”
Think before you switch energy companies
In the past, you could save hundreds of pounds on their annual energy bills by switching to different energy companies, but Mr Lewis is now urging Britons to think carefully before they do this.
If you have a tariff that is protected by the energy regulator’s price cap then it may be worth sticking to your current provider as you are unlikely to get a lower price elsewhere.
If your bills aren’t protected by Ofgem’s price cap they could rise massively.
Take advantage of the Warm House Discount scheme
Successful applicants will receive a rebate of up to £140 applied to your electricity bill between October and March.
Usually, you will be sent a top-up voucher if you are on a prepay meter.
Talk directly to your energy supplier
Your energy supplier might be able to offer grants or other tailored support if you are struggling with your bills.
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