‘It’s a no brainer’, says Martin Lewis as he reveals ‘easy win’ way to slash energy bills with swap
MARTIN Lewis has revealed an “easy win” when it comes to slashing energy bills with a simple swap.
The MoneySavingExpert has tonight told how much of a “no brainer” it is to change energy provider ahead of this year as the UK finds itself in yet another recession.
It comes just after the energy price cap hike that took place in the new year.
The cap rose from £1,834, the lowest figure since March 2022, to £1,928 a year on January 1.
It means the average household will see their annual dual fuel bill increase by £94, but the exact amount will depend on usage.
But the Martin Lewis has claimed that “anyone can beat the price gap by three per cent”.
On Martin Lewis Money Show on Tuesday the expert said if you can, all Brits should make the switch to Eon because of their new tariff – Next Pledge.
E.ON Next has now opened up its ‘Pledge’ variable tariff to all new and existing customers.
The tariff promises a three per cent discount, worth around £50 a year, on Ofgem‘s price cap rates.
So from January 1, a customer on the price cap would pay 7.42p per kWh for gas, but those on E.ON’s tariff would pay 7.2p.
Similarly, for electricity, someone would pay 28.62p per kWh on the price cap, while on the pledge tariff, this would drop to 27.69p.
The expert explained: “If the price gap goes down it goes down, and if the price gap goes up, it goes up.
“But it’s always three per cent cheaper for a year.
“If you’re sticking on the cap and you’re happy with Eon and having a smart meter then it’s a no brainer.”
On tonight’s show he also urged Brits to make a three-second check which could save them thousands of pounds.
He said payments “drip out of our accounts” and most of the time we don’t even realise – which is handy for bills but not all transactions.
But sometimes, outgoing payments could hit a fault and if you’re not checking you could be losing out massively.
You can beat the price cap
MARTIN Lewis has issued the following advice
Undercut the price cap by 3%
- Eon Next Pledge is for switches and existing customers on Direct Debit
- It’s -three per cent below cap for a year, so if cap drop it drops
- If sticking on the cap, happy with Eon and a smart meter, it’s a no brainer
Cheapest fixes – big benefit is you get price certainty
- Predictions right: over next year on cap you’ll pay 17 per cent less
- British Gas price promise is 12 per cent cheaper for switchers and existing customers
- It promises from April 1 to drop to £1 under April cap