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Wales Online
Gemma Sherlock

Money Saving Expert gives four urgent energy bill tips to beat price rises

Energy customers are being urged to do four things to keep energy bills low amid a price crises, according to Money Saving Expert.

It comes after Martin Lewis, the man behind Money Saving Expert, said some people can beat the energy price cap and save 24% on their bills.

Energy prices will rise by 54% on average from 1 April after the introduction of a new higher price cap and householders could be paying an average of £700 a year extra under the new cap.

The cap, which is reviewed every six months by Ofgem, the UK’s energy regulator, has had a record-breaking increase mainly due to the global demand for fuel.

Speaking to his followers on Twitter, Mr Lewis originally stated that Eon customers could get a cheaper energy rate. However the offer was later pulled and many were left scrambling to get the deal before it ran out.

He said: "Eon & Eon Next Direct Debit customer on the price cap? Log in today & see if ur offered NEXT ONLINE V11 1yr fix

"It should be SAME rate as the April price cap (ie 54%ish more than now - check)that's good.

"If so, as cap likely to rise another 24+% in Oct it's a corker."

While many took on the advice it seemed the offer was later pulled, with Mr Lewis following up on the development.

He said: "Eon's existing customer V11 fix I said to bag yesterday (in tweet & in m'vid) has as predicted been pulled

"Its new V12 fix is c15% costlier (& 15% more than Apr price cap). It's the cheapest tariff but borderline if its worth it (depends on how much u value certainty)."

Many Eon customers got in touch with the energy provider to see if they would honour the original V11 one year fixed rate.

The Eon V11 existing customer tariff was replaced by the costlier V12, though some customers who got a letter offering the V11 have found Eon have honoured the original deal after calling.

Mr Lewis said: "The V12 is still the cheapest tariff, about 15% more than the April price cap, which makes it borderline as to whether it's worth it, though for price certainty it’s not so bad."

Householders across the UK will be getting letters from their energy providers this month to explain the 54% rise, and what they'll pay under the new rates.

Below are the four urgent need-to-knows to save help you save money on your energy bills.

Martin Lewis's 'Time-to-Fix'

Should you be looking into a fixed tariff right now?

Martin Lewis said: "The rule of thumb is this; I would not switch to a fixed deal unless it was less than 75% more than the current price cap, or if you want to base it on the April price cap, no more than 15% more than the April price cap.

"So if you can find a fix within that price range then it is worth getting. But you will not find those prices on a comparison site. There are no open market options close to that price - they're all 40% more than the April price cap at the very cheapest."

Pre-pay for your energy?

Money Saving Expert says those with older, non-smart meters on price-capped tariffs can legally 'stockpile' gas and electricity credit before prices shoot up.

If you can afford to, it could mean big savings.

£150 council tax rebate update

English band A to D households will get a £150 council tax rebate in April, and those who pay council tax by direct debit will get it automatically paid into their bank accounts.

There's still time to set one up. If you don't set one up, the council will send you info on how to claim it.

Check your meter readings now

Money Saving Expert says now is the time to start doing regular meter readings, especially on March 31.

Don't rely on estimated use - unless you've a smart meter that does it for you, make sure your meter readings are up to date when the price cap changes on April 1. This is to ensure you're not paying for more than you need to at the higher rate (as otherwise the firm will try to calculate what was used before and after).

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