Martin Lewis has explained three things families must do now before a huge hike in energy bills comes next month.
Regulator Ofgem has confirmed it is increasing its price cap by £693 from £1,277 to £1,971 from April 1 - marking an eye-watering rise of 54%.
Prepayment customers will be worse hit, with a jump of £708 from £1,309 to £2,017.
The energy price cap sets a limit on the rates a supplier can charge for each unit of gas and electricity you use and is currently reviewed twice a year.
If you’re worried about rising prices, MoneySavingExpert founder Martin Lewis has issued a new video with three things you can do now.
Check if you can stockpile energy before April price rise
Martin has reminded those who are on older prepayment meters to check if they can “stockpile” energy now to beat the April price hike.
MSE explained how if you top up now, but use this energy after the price cap changes, you’ll be charged for your gas and electric at the rate that applied when you topped up.
Your rates shouldn’t change until the first time you top up following a price adjustment.
If you have a smart prepayment meter, this stockpile trick sadly won’t work as these meters are updated remotely with the new rates on the day of a price change.
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“That means if you max out your top-up in March before the rate goes up, that's what you'll get, even if you then use that energy in April,” he said.
“So you can extend the cheap rate we have now for longer by maxing your top-up if you can afford it - and I know not everybody on prepay can.”
MSE contacted 11 of the biggest energy suppliers - including British Gas, SSE, E.on and EDF - and only one said the stockpiling trick wouldn’t work.
Scottish Power was the only provider that said the additional amount you would've paid under the new rates would be recovered by adding a small amount of debt to your meter at your next annual statement.
MSE has asked Ofgem if Scottish Power is allowed to do this but hasn’t issued a further update.
Take a meter reading now if you pay by direct debit
Sadly, there is no equivalent way to “stockpile” energy now if you pay by direct debit.
But saying this, it is important to take regular meter readings so that you can check you’re being billed correctly.
Martin recommended taking one reading today and then another on March 31, before the new price cap comes into force.
“I would suggest you do a meter reading today and diarise to do a meter reading on March 31, so you draw a line and tell the energy company all this energy I've used should be at the cheap rate,” he said.
Watch out for the £150 council tax rebate
Martin has also urged families to check how they can claim a £150 council tax rebate from April.
The council tax rebate will apply to homes in council tax bands A, B, C or D in England and Wales - roughly 80% of properties - but not those who live in council tax bands E, F, G and H (or I as well, in Wales).
Scotland residents will also be entitled to £150 off if they are in bands A to D - but they'll also qualify if they're currently getting a council tax reduction as well.
Those who live in England have been told they’ll receive the rebate automatically if they pay for their council tax by direct debit.
If you don’t pay by direct debit, you’ll be instructed on how to apply from your council.
"Keep an eye out for a letter from the council because each council will tell you its claim system and you need to watch for that,” said Martin.
"If you're not eligible for the £150, say, because you're in a higher band, then there is a discretionary £140 million fund being set-up to help those who are struggling.
“It will be up to each council to decide how it distributes it, but be ready to claim that."
