September 27th 2023.
Martin Lewis, the Money Saving Expert, and his team at MSE have some great advice on how to save money on energy bills. With the cost of living crisis, their advice has been an invaluable source of guidance for those struggling with high inflation and interest rates.
High energy bills have been a major issue for many households over the last couple of years, and while the Ofgem price cap is due to come down, bills are still expected to be higher in the winter. So what has Martin had to say about energy bills, and what advice does he have to offer?
One of Martin's top tips is for those who pay their bills by direct debit. Although this is usually the cheapest way to pay for energy bills, the system works on a 'cycle' of building up credit during the summer months and using it during the colder months, when more energy is used for heating. With the large price fluctuations over the last couple of years, some people's direct debits may be set at unrealistic levels.
Early November is a great time to check your balance, as this is when you should have the most credit with your energy company. Condition 27 of energy suppliers' licences means they must explain or potentially refund you if your credit is too high, which could amount to hundreds of pounds. Different companies may give automatic refunds, while others may not.
Another useful tip is to look out for fixed-rate deals. These are being offered by some suppliers again, but they should be looked at closely as energy prices are still subject to change. Martin and the MSE team advise that if any firm offers a fix for about 5% less than the July Price Cap, it's a decent deal. You can use the MSE 'should you fix' calculator to help you decide.
Finally, it's important to be wary of energy-saving myths. Leaving the heating on low all day, painting your radiator black, leaving devices on standby, and other such tips may not save you money - but some, like adding clingfilm to windows and turning lights off when you leave a room, may help. MSE has published a full list of myths and their viability, so it's worth taking a look.
Martin and the MSE team have plenty of useful advice to help you with your energy bills. It's worth taking a look at their website for more tips, and you can also join the conversation in the comments below.
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