Martin Lewis gives his best tips for saving money on energy bills as prices look set to soar

Friday, 14th January 2022, 7:57 am
Updated Friday, 14th January 2022, 7:57 am
Martin Lewis is urging the government to intervene now to avoid a crisis in the energy market (Photo: ITV)

Martin Lewis has revealed some of his best tips for reducing your energy bills ahead of a price hike set to hit the cost of gas, electricity and more.

Prices are set to soar in April this year after wholesale prices of gas and coal increased.Estimates show that customers could see their bills increase by around 51%, or around £600 annually.

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With prices already going up twice in 2021, many will be feeling the pinch.

However, fret not as Money superman Martin Lewis has come to the rescue.

Here are his best tips for saving on your energy bills.

Don’t fix your bill with deals now

The savings expert has told most people not to fix their current bills with deals which the company are offering now, with the exception of a few existing customers.

Speaking in his MoneySavingExpert.co.uk newsletter, he said: “Unsurprisingly, with this prediction many are asking me if they should now move off the price cap to fix?

“After number-crunching, for most, it’s still a ‘no’, but for the first time in many months fixing may be worth it for a few.”

Martin explained that if you find a deal that is no more than 40% higher than your current deal, you should look into whether it works for you.

He said: “If you’re offered a fix that’s no more than 40% costlier than your current price-capped tariff, it’s worth considering - especially if you value budgeting certainty”.

Martin has warned that locking in a deal right now will leave you stuck with the price if they do get cheaper at any point.

He has said that most fixed deals that energy companies are offering at the moment are worth around 56% more than the cap which will be introduced in April.

‘Stick on today’s cheapest price’

Ahead of the price hike, Martin has recommended that customer do what is best for them at the moment.

He said: “It looks like most people should do nothing (no certainty, I don’t have a crystal ball), it looks like only a few edge cases should be looking at fixing right now.

“So if in doubt, just stick on today’s cheapest price - which is the cap. And to be plain, the 40% figure is my best guess, not firm.”