With energy prices facing a further increase later this year Martin Lewis has offered seven new tips that people "need to know".
The Ofgem energy price cap sets a limit on the rates a supplier can charge for each unit of gas and electricity you use. It is currently set at £1,971 a year for those on a default tariff who pay by direct debit and if you’re on a prepayment metre, the price cap is £2,017.
The MoneySavingExpert founder also shared his opinion on whether or not energy customers should stick to a standard tariff or fix their rates now. He previously advised to do nothing when prices increased in April.
READ MORE: Martin Lewis issues urgent energy switch warning
In the latest MoneySavingExpert email, Martin shared his expert knowledge on what consumers should do during the energy crisis, reported The Mirror.
1. Energy bills are very likely to rise again
The price cap is set to be reviewed again in October 2022 - and experts at Cornwall Insights predict it will rise to £2,980. Ofgem are reviewing plans to update the price cap more frequently - every three months instead of every six months.
This means it would then be reviewed again is in January 2023. Cornwall Insights suggest the price cap could hit £3,000 at this point.
For April 2023, analysts are predicting the price cap will drop to £2,760. Keep in mind that the further away the prediction, the more likely it is to change between now and then.
2. Worth checking if you should fix now
Martin explained how - based on the predictions above from Cornwall Analysts - you'll pay on average 41% more than the current price cap. This is the level in which the MSE founder suggests most people could consider fixing at now "if you want some price certainty" - even if it means you'll pay slightly more in the short-term.
Sadly, there are no open-market fixed rate deals that are cheaper than the current price cap. This means most are relying on existing customer-only tariffs which are not on comparison sites - but these are being pulled fast. MoneySavingExpert has an updated list of the latest energy deals.
3. Bulb customers CAN switch elsewhere
Bulb was placed into "special administration" in November 2021 after admitting that it could no longer afford to keep afloat. This process meant the firm was propped up by taxpayer cash, so it can continue to operate as a business and provide energy to its customers. Martin explained how many Bulb customers are asking whether they can still switch to another provider - and the answer is yes.
4. One open-market fix is significantly cheaper - but there's a catch
Utility Warehouse has a one-year fixed energy deal that is the cheapest open-market rate available right now - but you have to take out other products too. The Utility Warehouse "Green Fixed 30" one-year fix is on average 27% more than the current price cap at £2,495 per year for typical use.
To get access to this fix, you will need to take two of the following three services:
18-month broadband and line contract, starting at £24 a month with a possible discount of 10% if you own your home and also take out its mobile service.
Sim-only rolling mobile contract, at £12 a month.
12-month boiler and home cover contract, at £18 a month.
MSE points out that these aren't necessarily the cheapest broadband, mobile and insurance deals right now - so always compare prices first to see if you'd be better off. Martin said: "Substantial savings (£100s) will still be possible for some."
5. Check what Gov help you're entitled to
Households in a council tax band A to D property should have started to receive a £150 rebate, designed to help the cost of rising bills. If you don't qualify for this, check if you can get help through your council's discretionary scheme.
We've also seen some councils offer extra help to those on top of the £150 rebate for eligible households. Other one-off payments have been confirmed by the Government.
Millions of people who claim benefits will receive a £650 cost of living payment to help with rising bills starting from next month. Those who claim certain disability benefits will get £150 and pensioners in receipt of Winter Fuel Payments will receive £300.
Every home in England, Scotland and Wales will also receive £400 off their energy bills, spread out over six months from October. The Household Support Fund has been extended as well by another £500million - although the help available varies council to council.
6. British Gas reopens its energy grants to everyone on Friday
British Gas is reopening its energy trust fund to all households - not just its own customers - this Friday (July 1). If you're eligible, you could claim a grant worth £1,500 that doesn't need to be paid back.
See the full eligibility criteria for the British Gas Energy Trust here.
British Gas has a separate fund that is just for its customers, offering grants of between £250 and £750. For both schemes, you need to have less than £1,000 in savings, have energy debts of at least £250 and have already sought advice from a charity or money advisor.
7. Check if you can cut your energy bill
With cheap deals few and far between, Martin is urging households to try and cut their energy usage if they can. This can be through simple measures like turning the light off when you leave the room, or making sure your appliances are not left on standby.
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