2 weeks Ago By [email protected] (Molly Seaman)
Money Saving Expert Martin Lewis has shared some advice for those seeking affordable energy bill rates without a smart meter. Speaking on Good Morning Britain, the 52-year-old stated: ''the top four fixes at the moment are Outfox The Market, Octopus, OVO and British Gas." Martin highlighted that energy suppliers such as Outfox The Market, Octopus and British Gas do not require customers to have a standing smart meter installed to avail their cheapest deals.
He encouraged individuals who already have a smart meter to compare and explore other options. On the topic of standing charges, Martin Lewis has been a vocal advocate for reducing them, labelling them a ''moral hazard'' as people could be shelling out over £300 a year even if they do not consume any energy, reports the Liverpool Echo . Hinting at when we might see OFGEM lower these standing charges, the money-saving expert said: ''There's a consultation being put out on it, the submissions to that consultation closed on the 26th of September.
" He added: ''They're planning to shift some of the standing charge to the unit rate which causes a problem for vulnerable high users but that is the nature of it." The money saving guru conceded that we are likely still a few months away from an announcement but optimistically noted ''at least we are in the process now." Martin Lewis has previously commented on the rise in energy prices by Ofgem, which took effect from October 1, and increased average household bills by £149.
The watchdog Ofgem confirmed that typical domestic energy bills will see a rise of £149 starting October. This adjustment raised the current cap from £1,568 to £1,717 for the average home in England, Scotland and Wales. Martin Lewis also highlighted that wholesale rates are actually decreasing, with energy providers offering more cost-effective tariffs than those seen just weeks ago.
However, he added that if consumers stick with the rate set by the price cap, they'll face increased costs yet, by switching, they could negate nearly the full 10 per cent rise..
