Martin Lewis is urging households to get a fixed energy deal now and save nearly £300 a year because it’s an ‘absolute no brainer’.
The founder of Money Saving Expert returned with a one-off special episode of The Martin Lewis Money Show Live on Tuesday with another slate of urgent financial tips for his millions of ITV1 and ITVX viewers. During the programme, Martin heard from one viewer, Howard, who asked if he should fix his energy now as prices rise.
The question comes as today, Wednesday October 1, Ofgem raised its prices by another 2%, taking the average typical use bill to £1,755 a year.
Martin said on the show that households can save a staggering 15%, worth close to £300, by grabbing a cheap fixed energy bills deal now.
He said: “It is 15%, nearly, below the October price cap. That’s because rates have gone down a little bit and fixes move with the current price, whereas the price cap is based on a time lag. That’s around just under £300 a year cheaper for somebody on typical use bills.
“So we know now you’re almost certain to be saving until the end of March. After that, the probability is you’ll still be saving substantially, you might be saving less but you’re going to be saving over the next year.
“The cheapest fixes are an absolute no brainer. The price cap is a pants cap, get off it. Your cheapest fix depends on where you live and how much you use.”
Martin urged people to go to a price comparison site that is whole of market, find your cheapest fix and get off the price cap.
He added: “I know there are more sophisticated tariffs, time of use tariffs, EV tariffs, but basically no brainer, Howard, go and sort your fix out, get you fix done because prices are going up, they’re staying there, but you can save 15% and it’s guaranteed that your price won’t move over the next year if you were to get a fix now. Go get it sorted.”
The Martin Lewis Money Show Live from September 30 is still available to watch on ITVX now.
