Martin Lewis has been working tirelessly to ensure households in the UK do not pay any more than they need to amid the global energy crisis.
Millions of people have seen their energy firms go bust, now most of us are facing an astronomical 54% rise in bills in April.
Following Rishi Sunak's series of announcements on Thursday (February 3), Mr Lewis interviewed the Chancellor live on his Money Show.
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Martin even held a TikTok energy Q&A on Wednesday, to answer as many queries as possible.
Many of us are still confused as to what the new energy cap means, and what financial help is available.
Determined to spell out the energy crisis and new schemes, Mr Lewis has issued a number of "need-to-knows" to help everybody avoid paying any more than they need to.
Martin Lewis energy need-to-knows
You can read the full details for each of the financial guru’s need-to-knows on the Money Saving Expert website here.
A disclaimer from Mr Lewis said: "We only know the skeletons of the Chancellor's new schemes - the detailed consultation documents aren't out yet".
1. How much more you'll pay in April
The energy price cap rises 54% - you'll pay half again on top of what you pay now (up an average of £693 a year).
Martin warns: “There's NO MAX you can pay on energy. Use more, pay more.”
2. The cap is predicted to rise by another 20% in October
Ofgem reviews the energy price cap every six months and the next price cap, in October, is based on wholesale energy costs over February to July.
Martin said: "If wholesale rates stay roughly where they are right now, we would see a rise again in October of 20% on top of April, taking the rate for someone with average use to £2,365/yr.
"Though it should be noted, regulator Ofgem is consulting on changing the cap more frequently so the October rate may not last the full six months."
3. Should you switch?
Before the energy crisis hit, Martin's advice was always to switch from the price cap rate to something cheaper.
Today, however, there are no tariffs meaningfully cheaper than the price cap and the cheapest open-market fixes are all more expensive than the April 1 price cap.
4. The £200 energy bill credit 'rebate'
In October, all households will see their bills reduced by £200 - and then they'll be raised by £40 a year for five years from April 2023.
The Chancellor has called it a £200 "energy bills rebate".
There is no choice and nobody can opt out. Prepay users will get the money via their smart meter, voucher, cheque or similar.
For those with small bills, the flat £200 will have a big impact; for those with big bills, a little one.
5. Council Tax deduction for households in England
Another scheme unveiled by the Chancellor last week was a £150 council tax rebate for around 80% of homes in England.
Everyone living in homes in bands A to D will be given a £150 refund in April.
Detailed rules are yet to be announced, but Mr Sunak said he chose council tax because energy bills are household bills, so council tax is a decent proxy, and bands A to D reach many lower and middle-income homes.
6. Help for those who won't get the council tax discount but are still struggling
£150 million has also been allocated to local authorities to give to people who may slip through the net, such as lower income households who live in higher council tax bands, or those who live in bands A-D but are exempt from the tax.
7. Is it time to ditch the price cap and get a fix?
For most, the answer is no.
The answer "to do nothing" has been the right one for months, and Mr Lewis said most people are still likely best to stick with the cap.
8. Warm home discount to rise £10, to £150
The Warm Home Discount, which is paid to those on low incomes, including pensioners, has been given a £10 boost.
The Government also plans to extend the eligibility criteria so that an additional 780,000 households will qualify - but details of who this will include have not yet been released.
Martin added: “For this winter's scheme, only E.on, E.on Next, Bulb and So Energy still have applications open, so go quick if you may be eligible.”
9. Where to get help if you're struggling to pay soaring energy bills
Martin said: “Even with the UK Government announcements, as I told the Chancellor directly, I still believe some will be left with the choice of freeze or starve. Citizens Advice reports record numbers asking for energy help, and that's before April's huge hikes.”
MoneySavingExpert.com has a new ‘what to do if you're struggling to pay your energy bills’ guide to cover everything you can do, and crucially where to get help - read more here.
10. Lower your bills the obvious way.
Energy saving tips, such as turning your thermostat down and cutting shower time, can reduce your bills a little.
Other small actions you can take include fitting a new showerhead, investing in LED lightbulbs and not leaving devices on standby.
Money Saving Expert has a list of tips you can use here.
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