Martin Lewis says British Gas, OVO, EDF, EON and Octopus customers can cut their energy bills for 16 months. The BBC Sounds podcast host spoke out in the latest Money Saving Expert newsletter, sharing how households can fix and get cheaper bills.
Mr Lewis wrote: “Most homes are on an Energy Price Capped tariff. The Cap went UP 10% on 1 Oct, UP another 1% on 1 Jan and it’s now predicted to go UP 3% to 5% on 1 Apr. Yet act NOW & you save now, and can prevent future hikes.”
MSE explained: “Exclusive cheaper & longer than the cheapest fix deal (with MSE enhanced service). 10,000 available. We’ve blagged an E.on Next deal via our Cheap Energy Club comparison, undercutting every other cheap fix, and it protects the rate for 16mths rather than 12.
READ MORE UK faces ‘six inches’ of snow with England hit on ‘five more dates’ in January
“As with all tariffs, the price varies with use & region (your exact rates are in the comparison), but it’s on average 7% cheaper than the current Price Cap, so it’s currently a £120/yr saving for someone on ‘typical use’ (more if you use more). If the Price Cap rises as currently predicted, the real saving would be even bigger.”
The 52-year-old founder of MSE added on the newsletter: “It’s only available via us and direct at E.on Next. Yet our Energy Club is the cheaper route as new & existing E.on Next customers get an extra £10 bill credit and £20 MSE cashback.
“Plus, E.on’s agreed to ‘MSE enhanced service’, ie, if there’s an issue, go to it first, but if it doesn’t sort it, come to us and we can and will escalate it.” It comes 48 hours after Mr Lewis revealed that 80 per cent of homes in England, Scotland and Wales are overpaying for their energy.
Speaking on The Martin Lewis Money Show Live on Tuesday evening, the Money Saving Expert founder, 52, explained that those who are on a price-capped tariff – 80 per cent of people – are overpaying. Finance expert at Ocean Finance, Fiona Peake, said: “The cost-of-living crisis has hit older people hard. Aside from immediate financial relief, claiming Pensions Credit can help protect you against rising costs.”
She added: “With the energy price cap increasing once again at the start of January and food inflation remaining stubbornly high, claiming what you’re entitled to is a smart move. If you think you might qualify – or know someone who could – take five minutes to check.’
“Many people assume that claiming Pension Credit is a complicated process or that they won’t qualify because they have savings or a small private pension. In reality, it’s a straightforward process, and the rules are more generous than you might think. It’s always worth checking, even if you only receive a small amount of Pension Credit, it could unlock other support worth thousands of pounds.”