Martin Lewis shares advice amid energy price hike – ‘one silver lining’ to crisis
Martin Lewis explains how to reduce your energy bills
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Energy bills could increase by £100s this year as the price cap is set to increase by £140 a year in October. Martin has previously stressed it is likely to rise again after that, changing in April next year.
However, the financial expert shared a few pieces of advice with audiences this morning.
What can you do to save money on your bill?
Martin said: “Of course the one thing that you can do is use less energy.
“We are all guilty of using too much energy – me included.”
The Money Saving Expert founder went on to list ways homeowners waste energy, recommending alternatives to using it.
He said: “You’re in short sleeves when you should have a jumper, you leave the TV on standby when you shouldn’t, you’re under insulated, you have your thermostats on too high.
“With all of those things, it’s worth changing.”
Martin advised visiting the Energy Saving Trust website to see how you can cut energy.
Although the financial expert stressed the energy crisis is “horrendous”, he noted Britons could put at least one positive spin on it.
He said: “Perhaps the one silver lining of it is if energy gets that much more expensive, we might all be a little more careful about the amount of energy we use, which is good for the planet at least.”
Martin’s “main” advice to energy consumers, however, was to “do nothing”.
He explained: “The reason I say that is the price cap – which is the default tariff you’re moved to if you’ve never switched, or if you’ve come off a cheap fix, or if your company goes bust and you’re moved – that price cap is the cheapest possible tariff.
“So doing nothing means you’ll move on to that cheap tariff when the cheap deal you’re on ends or if you haven’t done anything else.
“So, you may as well stay on that.”
He added: “It’s worth managing your direct debits and doing meter readings so you’re not paying too much.”
For those on a lower income salary, he advised: “There’s the Warm Home Discount, depending which firm you’re with.
“If you’re on the guaranteed element of pension credit, then you’re definitely entitled to it as long as the firm offers it.
“Otherwise, if you’re on a low income, just speak to them and try to apply for it and see if you get it.
“If you’re vulnerable right now, speak to the company.
“They might be able to give you a payment break or another solution to help you get you through it.”
The financial expert added: “It’s also worth noting, because we’re still under pandemic rules, your energy cannot be cut off.
“And if you’re on pre-pay, you may be able to get extra energy credit.”
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