Money Saving Expert Martin Lewis’ advice on everything from energy bills to supermarket trips has proved crucial to thousands during the cost of living crisis.
The legendary consumer rights champion and award-winning campaigning journalist has been one of the most trusted sources of advice for those navigating the minefields of high inflation and interest rates.
High energy bills have been among the most significant issues for many over the last couple of years.
Though the Ofgem price cap is due to come down, many households will still be expecting higher bills this winter.
So, what has Martin Lewis had to say about energy bills over the last couple of months, and what advice does he have to offer?
Here is what you need to know.
MSE energy bill advice
Energy bills have been a significant driver of the cost of living crisis for many households nationwide.
According to a release from the Office for National Statistics earlier this month, around 4 in 10 (42%) energy bill payers reported they were difficult to afford.
While this was slightly lower than in a similar period last year (48% between 31 August and 11 September 2022), almost half (47%) of adults in Great Britain are still using less fuel, like gas or electricity, in their homes because of the rising cost of living.
Fortunately, Martin and the MSE team have plenty of tips for helping with the situation.
Some companies may give automatic refunds, whereas others will not.
Practical steps:
- Ensure you give up-to-date meter readings
- Monitor where you are in your energy cycle
- Call your energy company and ask for an explanation if your level of credit seems unusually high.
Consider a fixed deal vs variable tariff
Over recent weeks, some suppliers have begun to offer fixed-rate deals again. However, these should be scrutinised, as the energy situation is still subject to change.
Although some companies only offer fixed-rate deals to existing customers, a few are advertising deals to new customers as well.
MSE say, ‘Based on current predictions, if any firm offers a fix for about 5% less than the July Price Cap, that looks a decent deal.
‘If it’s the same as or just under the July Cap, it may still be worth considering if you strongly value price certainty.
‘Of course, current predictions are just predictions, so we can’t promise to be right with hindsight.’
You can use the MSE ‘should you fix’ calculator to help inform your decision.
Practical steps:
- Shop around to keep an eye on what fixed deals are on the market
- Keep an eye on your emails to see if your energy provider is offering a fixed deal to existing customers
- Look up the latest trustworthy predictions on what energy prices could look like in the future
Don’t fall for energy-saving myths
If you want to cut your energy use, it can be tempting to resort to various tips, tricks, and hacks to save on bills.
However, some of these will be wiser than others, and the MSE team has researched some of the most common myths and used information from the Energy Saving Trust to determine if they are effective.
Common myths that probably WON’T help you save money
– Leaving the heating on low all day is unlikely to save you money
– Painting a radiator black is unlikely to make it more efficient
– Devices left on standby will still consume energy
Common myths that MAY help you save money
– Adding clingfilm to your windows may help keep your home warm
– Turning lights off when you leave a room, no matter for how long, will help save on energy use
Practical steps:
- MSE has published a complete list of myths and their viability for more information.
Follow Metro across our social channels, on Facebook, Twitter and Instagram
Share your views in the comments below
Source: Read Full Article
