Martin Lewis's October energy price cap tip saved man £180
Martin Lewis has explained the upcoming energy price cap increase and offered advice to those worried about the rise. The Money Saving Expert founder Mr Lewis explained particular households in the UK “won’t see their energy bills rise” come October.
Appearing on Good Morning Britain, on Thursday, September 26, the 52-year-old dad told host Susanna Reid and ITV’s viewers that you can fix with Outfox the Market and lock in at a cheaper rate from next week.
The tariff is 9% less than the October cap and 1% under the current Ofgem cap, as reported by Birmingham Live. The tariff is available as dual-fuel only and you must pay by Direct Debit and manage your account online. Smart meters are not required in this case.
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Mr Lewis said: “Energy is going up, it’s not coming down. It is going up on October 1. It is likely to come down a tiny bit come January but it will still be a lot more than it is right now. This wholesale rate is coming down, the price energy firms pay is coming down, which means they are offering cheaper tariffs now than they were a couple of weeks ago.
“So bizarrely, energy prices are going up from the price cap but the cheapest rates available, if you are going to switch, are coming down. So when you do a comparison now, on a site, because the price is based on the current rate but if you do it after next Tuesday, September 1, it will tell you how much you are saving. Outfox the Market is the cheapest fix right now.
“If you are asking me should I fix? I would say the vast majority of people who are- adverse and don’t want to see prices going up, fixing now is the safe option.”
Viewers were quick to praise Lewis for his tips. One fan, replying to a post on X, said: “Thank you @MartinSLewis I Just Switched and Fixed. Saving me an estimated £180 from my current tariff plus stopping the 10% increase for 12 months. Took 10mins to do. Cheers Ian (Swansea)".
Another asked: "Fixing is all very well if the increase isn’t going to drop either in January or April 2025. So we know the predictions for the first half of 2025?". A third said: "The energy market needs complete reforming, it's needlessly complicated. You need a crystal ball and a maths degree to make any sense of it. Price comparison sites don't help much."