Martin Lewis revealed his deals on This Morning on Friday. ITV’s money expert told Ruth and Eamonn about the new energy bill tariff and how to save money. Martin said: “Energy bills will fall by £17/yr from April – but you’ll still be overpaying by hundreds.”
He explained: “The energy regulator Ofgem has just confirmed that the new price cap (which will last for six months) is falling by £17/yr, from £1,179 to £1,162/yr from 1 April.
“This is the max firms can charge for their standard tariffs on typical usage – the expensive ones they leave 11m non-switchers on (there’s a separate cap for prepay).”
However, just because this tariff is cheaper does not mean it is the cheapest on the market.
Martin went on: “But don’t be fooled. This standard-tariff price cut may illicit some mooted cheer, as millions of inactive customers will see their summer energy bills shaved down a touch.
You could even save without switching company, Martin explained.
He said: “Even some big six firms often have far cheaper deals available than their standard ‘price capped’ tariffs.
“For example, British Gas currently has a one-year fixed tariff at £855/yr, which includes a year’s free boiler cover and its existing customer can get it too – but not by calling up for it – you need to go via a comparison site.
“In other words, for existing customers, it’s the same gas, same electricity, same safety, same customer service, but a cheaper price and better terms.”
“Points are then issued as vouchers every three months, or you can request to have them added to your account instantly through the ‘Faster Vouchers’ scheme.
“However, the vouchers are only valid for two years after they’re issued (21 months if issued as Faster Vouchers).
“This week Tesco has revealed that vouchers worth £17 million are set to expire on Saturday 29 February, so check now if you’ve some that are unspent.”
Martin explained: “To check, you can have a look on the vouchers itself for the expiry date, or log into the Clubcard website, or app and select ‘My Clubcard’ and then ‘Vouchers’.”