MARTIN Lewis has named the three top energy deals right now as he urged households to check if they can save hundreds of pounds.
It comes as the Big Six energy firms confirmed price hikes for millions of customers starting in April.
British Gas is upping bills by £97, while Scottish Power, EDF Energy and EOn are hiking prices by £96.
NPower and SSE are also increasing prices by £96.
Writing in his weekly MoneySavingExpert newsletter, Martin said customers who aren’t happy with the bill changes should shop around for the best deal.
In two of the examples he provided, he said the average saving is £218 for customers affected by the energy price cap, which is increasing to £1,138.
What to do if you can’t pay your bills
FALLING behind on your energy bills can be extremely stressful.
If you’re struggling to pay what you owe, contact your supplier as soon as possible.
Your provider has to help you come up with a solution, and you should be able to negotiate a deal that works for you both.
One option is to agree a payment plan where you pay off your debts in affordable instalments.
You may be able to pay off your debts directly from your benefits through the Fuel Direct Scheme.
A fixed amount will automatically be taken to cover what you owe plus your usage.
To be eligible, you must be getting one of the following benefits:
- Income-based jobseeker’s allowance
- Income support
- income-related employment and support allowance
- Pension credit
- Universal Credit (but only if you’re not working)
If you cannot come to an agreement with your supplier, they may try to force you to get a prepayment meter installed.
In very rare cases, where you refuse to negotiate, your supplier might threaten you with disconnection.
Before you switch, check if you’re still in contract with your current supplier to avoid any exit fee charges.
Martin said: "It's predictable, but depressing. The Big Six energy firms have just announced new prices for standard tariffs (those most people are on) from 1 April.
"All are hiking them by about 9%, to within £1 of the max under the new price cap – a jump of £96/yr on avg for those with typical usage.
"Yet you needn't accept the price hike, as there are tariffs £100s cheaper to switch to, many of which are fixes meaning the rate is locked in."
We explain the best deals suggested by MoneySavingExpert below.
The higher bills from Big Six suppliers are a result of Ofgem announcing it would up its price cap by £96.
The regulator is increasing the price cap from £1,042 per year to £1,138 for the six month period from 1 April.
Ofgem sets the price cap twice a year to limit how much suppliers can charge customers on standard variable tariffs, depending on wholesale prices.
Save more than £200 on your energy bills
Here are the top three energy bills highlighted by MoneySavingExpert.
- So Energy – save £218 (on average)
The joint-best fixed deal is So Energy's So Carrot Essential v2 Green deal.
The average customer will pay £920 a year – but you need to apply through the MSE website before March 12 to get this price.
This is because if you sign up via MSE, you'll get an extra £57 added to your account in credit, on top of £25 cashback.
Other points to be aware of include a £10 early exit fee and you must pay via monthly direct debit.
- Pure Planet – save £218 (on average)
MSE suggests customers can also save £218 on average through Pure Planet's 100% Green 12m Fixed Feb 21 v1 tariff.
This is based on the average person spending £920, like the So Energy deal.
Again, you'll need to apply through the MSE website as this will add £26 bill credit (£13 for electric only) on top of £25 cashback (£12.50 for electric only).
Bear in mind there's a £30 early exit fee and you must pay via monthly direct debit.
- EOn – save £215 (on average)
The best Big Six deal available on the market right now is via Eon's Fixed One Year plan.
However, you'll need to act quickly though as it expires on March 3.
On average usage, a typical customer will pay £923 a year.
There's a £25 early exit fee and you must pay via monthly direct debit.
How to find the cheapest energy deals
If you're on a standard variable tariff (SVT) deal, you're likely throwing away more than £300 a year.
This means it could pay you to shop around for a better deal.
Use a comparion site such as MoneySuperMarket.com, uSwitch or EnergyHelpline.com to see what tariffs are available to you.
The cheapest deals are often fixed, which means you'll pay a set amount per kilowatt hour – the unit used to measure energy – usually for one year or more.
As the price that is fixed is on the unit, your bills will still go up if you start using more power.
Once you've found a cheaper deal, contact the new supplier with the following information:
- Your postcode
- Name of your existing supplier
- Name of your existing deal and how much you pay
- An up-to-date meter reading
The new supplier will then notify your current supplier and begin the switch.
It should take no longer than three weeks to complete and your supply won't be interrupted in that time.
For more money-saving tricks from Martin, he explains seven things you need to know about your pension.
We've rounded up eight of Martin Lewis' money-saving tips that could save you £9,243.
The money guru has also weighed in on whether it’s cheaper to leave the heating on all day or switch it on when needed.
Source: Read Full Article