📈 Brace yourselves for a slight bump in your energy bills this October! OFGEM has confirmed that annual household energy bills will rise from £1,720 to £1,755. But here’s the kicker – Martin Lewis warns that lower energy users will feel the pinch the most. 😬 Why? The daily standing charges on gas and electricity are going up, hitting those who use less, harder.
💡 So, what’s the move? If you’re on a standard tariff, consider switching to a fixed rate pronto. Current fixed rates are around 17% cheaper than the upcoming October price cap – that’s about £250 saved annually on a typical bill! With fixed deals, your rate stays put for at least a year, offering some predictability amidst the chaos.
🔍 Projections hint at a slight dip in the price cap come January, followed by a rise again in April. But securing a fixed deal now can keep your bills steady till the end of next summer. Lower users should note that the standing charge for electricity is rising 4.5% and a whopping 14% for gas! It’s a “moral hazard,” hitting many who only use gas in winter. 😟
📣 Martin is campaigning for a rework of the Standing Charge system and is hopeful that firms will offer low or no standing charge tariff options by next year.
👉 Bottom line: Check your current plan and explore fixed rate options. It may be time to make that switch! Keep an eye out for those sneaky standing charges – they add up!
#EnergyBills #MartinLewis #MoneyTips #CostOfLiving #SwitchAndSave