Martin Lewis has warned householders to consider fixing their energy bills as costs of living continue to soar. The MoneySavingExpert shared the advice on his Ask Martin Lewis podcast saying "now is the time" for many households to act on their bills after months of nowhere to escape rising energy costs.
The energy price cap is the limit to what energy companies in the UK can charge for their standard variable energy tariffs. The vast majority of households – around 70% – are currently on a price cap tariff as there are no cheaper alternatives available. However Martin said that for the first time so far in 2022 this has now changed, with some tariffs available for most households.
"In April the cap went up 54% taking it to £1,971 a year for somebody on typical use," he said. "The next cap moves on October 1 and lasts until the end of December. The prediction of what's going to happen there is pretty strong because that cap is based on wholesale prices from February until the end of August.
