As energy prices are set to soar, Martin Lewis has issued advice to anyone who is thinking about fixing their energy tariff.
On Friday, August 26, energy regulator Ofgem announced the price cap will rise by 80 per cent on October 1, pushing the average yearly energy bill to £3549 - around £295 per month.
This comes after a year of increasing wholesale gas prices which have continued to rise steeply following the conflict between Russia and Ukraine.
READ MORE- Edinburgh locals feel 'anxious' as the energy price cap pushes bills to £3549
The price cap decides the maximum amount energy companies can charge for a unit of electric and gas. It is a not a cap on how much you can be billed - if you use more energy, you will be charged more than someone who doesn't.
Now with the latest update, Money Saving Expert founder Martin Lewis, has issued an update regarding fixed energy tariffs.
Speaking before the announcement, he said: "If the predictions are right, on average you'll pay 117 per cent more over the next year than you do now. If you're offered a year's fix at no more than 115 per cent above your current price-capped tariff, or 120 per cent more if you strongly value budgeting certainty, it's worth considering."
If you want to work out how much you'll be paying on the new price cap, Money Saving Expert built a 'What you'll pay after the price cap rises in October 2022' calculator.
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