Martin Lewis urging some households to fix their energy bill deals now is expected to be eye-watering.
Consumer Guru explains why some customers should consider switching tariffs to the latest Money Saving Expert Newsletter.
He said the price range is “likely to go up much more than we thought”, and added that some may benefit from switching to certain deals – even if they are pricey.
energy price cap It limits how much a variable dual fuel rate can be charged to customers by their supplier, and is currently reviewed twice a year.
It is based primarily on the price of bulk energy and supplier cost.
But it has increased in recent months, meaning homes are facing hefty gas and electricity bills.
Prices have been rising since the end of last year, but have been boosted by the Russia-Ukraine crisis.
Russia is one of the largest producers of gas and oil, and concerns have been raised over whether supplies could be affected.
This means Offgame’s boss warned the limit could rise to anywhere from £1,971 In October “in the region of £2,800”.
If this increase takes place, it could see millions of households pay an additional £830 for their energy bills in the winter.
Martin said this meant “some costly improvements look like they could be winners now”.
He said it might be worth considering switching, even if there is no tariff “meaningfully cheaper” than the current price range.
But he said certain deals are now cheaper than the price range estimated in October.
Based on current forecasts for the October price range, Martin said you’ll pay 35% more in the next year than now — including higher usage estimates in the winter.
With that in mind, he said it’s “worth considering” to switch to a fixed deal that’s no more than 35% to 40% off your value-capped tariffs — though he said the rule was “exact science.” was not.
However, he added that this advice does not apply to prepay meters or homes in Northern Ireland.
Make sure you read the terms and conditions of your fixed deal – otherwise you could be out of pocket.
Experts warn families about a new “cheapest” energy deal launched by a utility warehouse Comes with a big catch.
It’s offering a surefire deal of £2,250 for 12 months – less than October’s price range estimate – but you’ll have to take out two other products to qualify.
And when suppliers offer fixed deals, they are often flash sale part,
These are turned off within hours, which means they are difficult to switch on.
Energy Bill Help If You’re Struggling
There are schemes offered by suppliers, local councils, charities and the government that can also help.
If you’re struggling with energy costs or other bills, there are many organizations where you can get free advice, including:
You should talk to your energy supplier in the first place because they have plans in place to help with bills and dues, including hardship funds and grants.
Your local council can also help with cash and grants if you’re struggling through bills. domestic assistance scheme
winter fuel payment planWhere state pensioners can get between £100 and £300 to cover the cost of heating their homes.
Low-income households can get £25 a week to help with energy bills during the winter cold weather payment plan very.
Chancellor Rishi Sunak announced £150 council tax exemption for millions of Britons trying to reduce cost of life crisis,
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