How to save money on energy bills: Matin Lewis’s five tips

Ofgem (the Government body that regulates how much energy companies can charge their customers) is expected to introduce a new much higher price cap on energy bills this April. This “potentially devastating hike” could see thousands of households struggling to pay their bills. Here are five of Martin Lewis’s best tips to help you save money on your energy bills.

Gas prices have increased astronomically over the past year. In the space of just twelve months, the market price of gas has more than quadrupled ITV reports.

Many UK households were protected from these huge price hikes by the Government’s price cap which was set last August.

But since then gas prices have continued to soar and many energy companies have gone bust as they struggled to meet these spiralling costs.

As the Government cannot afford to prop up these energy companies, this means the rising costs of gas will be passed on to the consumer as the next energy price cap is expected to be increased dramatically.

READ MORE: Big Six energy suppliers seek £20bn loan to keep bills down

Turning down your thermostat

Turning down your thermostat by just one degree this could save the average energy user a hefty £55 a year on their energy bill.

Mr Lewis said: “If you turn your thermostat down a degree that’s roughly a four per cent reduction in your energy use over a year [which is] £55 for somebody on typical use.”

Think before you switch energy companies

In the past, you could save hundreds of pounds on their annual energy bills by switching to different energy companies, but Mr Lewis is now urging Britons to think carefully before they do this.

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If you want to take advantage of this scheme your will need to act fast as major energy suppliers such as EDF and Scottish Power have closed their schemes for 2021 to 2022.

Successful applicants will receive a rebate of up to £140 applied to your electricity bill between October and March.

Usually, you will be sent a top-up voucher if you are on a prepay meter.

Talk directly to your energy supplier

Your energy supplier might be able to offer grants or other tailored support if you are struggling with your bills.