Martin Lewis spoke to Holly Willoughby and Philip Schofield today about energy bills. The MoneySavingExpert made an appearance on ITV’s This Morning to explain that Britons could save hundreds of pounds. Lewis told audiences that by using comparison sites people could find great deals.
Martin Lewis explained that often when comparison sites are used it’s only small providers which are displayed which many people are nervous about switching to.
However, the Big Six energy providers have now also dropped their prices – but only for those switching.
This is thanks to wholesale energy prices (that energy firms pay) dropping in the last couple of weeks.
It’s well worth taking action as soon as you can because there’s no knowing how long they’ll stay this cheap.
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Those on a standard tariff with typical dual-fuel use are paying an average of £1,178 a year.
However, now with British Gas, you can now save a whopping £305 a year.
The new British Gas Energy & Boiler Cover Green is a one-year fixed-rate deal (so no price hikes for that time) at £872/yr on typical usage.
According to moneysavingexpert.com this is the cheapest tariff since November 2016 and you’ll also benefit from a year’s free boiler insurance.
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Customers with E.ON, Scottish Power and EDF can also benefit from the deals.
Switching to E.ON can also save money. New customers can bag the Fix Online Exclusive v15 at £880/yr on typical use.
As for EDF, you can save a typical £265/yr on its standard rate, according to moneysavingexpert.com.
The EDF Simply Online 1 Year Fix Nov20v6 is fixed for year at £912/yr.
At Npower you can save a typical £64/yr on its standard rate. The Npower Price Fix January 2021 is fixed for just over 1yr for £1,114/yr on typical use.
However, it’s key to remember that these offers are not available by ringing up.
Customers can only access the deals if they use price comparison sites.
Lewis pointed out that this allowed existing customers to switch and that the only difference is price.
Britons must have a smart meter to make the most of the offer. If they do not, they’d need to get one fitted within three months.
“If you’re one of those people that’s too scared to switch, go and do a comparison,” urged Lewis, pointing out how rare it is for the Big Six to be some of the cheapest on the market.
“Look for your same company, save a massive amount of money with very little difference.”
If you’re prepared to switch, Lewis advises using whole of market sites as some will only show companies that pay them to switch.
If you aren’t prepared to switch, “find your own company’s own cheapest,” he encouraged. For instance, SSE and N.Power existing customers can save between £30 and £70 a year.
Lewis added that very little happens if you switch within your company – you’re getting the same service.
If you switch to a different company the customer service will change and the price if moving tariff but your supply won’t be discontinued. Its the same gas, electricity and safety.