In October the energy price cap on standard variable tariffs is expected to be hiked up by a massive 51% in Scotland, England, and Wales, according to MoneySavingExpert. As bills reach highs that we’ve not seen in decades, now is the time for many of us to reassess how we pay for our energy.
MoneySavingExpert’s Martin Lewis has shared his invaluable advice on the topic. The household finance expert’s analysis predicts that by October most households will be paying £2,980 a year for typical use on a default standard variable tariff.
But he adds that there are currently fixed tariffs that are cheaper than the price cap. That means now could be the time to make the switch.
