@Mick G aye this is the guy that told yi to change you're supplier to all these companies that have went down the tubes, smug bastard sitting comfortably with his heating on full blast
Our fixed rate expired 19th October. We were paying £120 per month. We were offered a 2 year deal at £268 a month. We took Martin's advice and went for a variable tariff stll paying £120. So far we are still in credit. Could be our new CE system and energy efficient tumbler but Martin's advice has saved us nearly £600 so far. Thanks Martin.
It's an impossible situation. As a single income household, I was switched to BG and had the chance to fix til 2024 instead of the price cap. I thought about it, and am ultimately glad I fixed. It was 20% above the current price cap. Yes if wholesale prices go down I will be paying more, but I'm glad I have security. Tough call though!
Martin, you have helped sooo many people and will continue to do so because you're a marvelous person. We appreciate all the help you give us. Thank you so very much ❤
Martin just carry on with what your doing. You cannot be accused for making people doing the wrong thing. It's their choice. You are such a clever man and I'm glad you give out the advice. X
Great video Martin - just wanted to say that your advice earlier in the year really did help me out. I was on a fixed tariff of 42.50 a month that was ending by November 2021 with EON and, in September, I decided to take a look early to try and pre-empt the price hikes and got a price of £87 with EON on a 2 year fixed to last until 2023 - at the time I baulked as it was over double what I was paying, but now on comparison sites the cheapest monthly rate for gas and electricity for me is £115.57, with a high of £153.33 a month, so I really benefited from pre-empting it otherwise I would have been hit by a much bigger hike than I did when changing in September.
i am the same, i am with Scottish Power, i was paying around £18/month and then my bill went up to £64, so i went for a fixed deal for 2 years until, like you, 2023. now i am paying £38.88/month which is more than i was but is certainly better than the prices that some people will be paying in the coming months, especially with the situation in ukraine. i too thought hard about fixing, but am now mightily glad i did.
Had a call from Scottish Power about my current fixed term tariff which end on the 31st January. The best fixed term tariff they could offer was £287.00 per month. An increase of 150%!
@@penguins1984 we the same up from 1500 to 3200 g+e switched to utility warehouse got it down to 2400 had to take a sim card and phone internet as well but saved money there
I'm with Scottish power and they are a joke they've charged me £344.00 this month I'm in the process of trying to sort it out but it's really hard to get a straight answer out of them.
not a worry martin, if anyone who follows your advice, the amount you have saved us over the years makes up more than enough and beyond if you were one of those who should of switched. But you always stated it was a best guess and everyone was aware, keep being who you are and helping us out.
I would be paying a lot less in April had I ignored the advice and fixed in October but nobody could have predicted the way things panned out. Will still always look out for Martin's advice
Thank you once again Martin for the excellent information. We followed your advice last year. Sadly the energy company we switched to went bankrupt before they’d even taken one payment. It ended up with us being ‘moved’ (without our knowledge) to Octopus, but still ended up in a better position than if we hadn’t switched. Not sure about the way the government is ‘selling’ the council tax band A-D support though. As always, a lot of people who fall just outside this criteria will lose out and it doesn’t follow that they’re high earners. Many single household elderly residents and self employed people who haven’t been able to work throughout the pandemic won’t be eligible, it hasn’t been very well though through.
Back in late September and October, British gas were doing a 2 year fix with prices that were only marginally higher than the cap. With no leaving penalties. This means that, if prices went up as they are doing, I pay no more and, if prices go down, I can leave with no penalty and sign up for a new fixed price deal.
Glad you mentioned this.. i got e.on 2 years and only 5.00 per month extra then last week as im in credit they said to reduce my monthly direct debit by 3.00 per month.
I got abused by people for saying exactly this. I took a fixed tariff back in Sept 21 and had the prices miraculously dropped in April I would have just exited my fixed tariff and gotten a cheapen deal.
If gas and electricity becomes totally unaffordable, how many people in 2022 will be lighting their homes with candles and surviving on sandwiches? We need a government which works to actually solve this problem. My personal preference is to leave the price cap as it is, let the "re-sellers" all go bust and re-nationalise the entire industry, not propping up private companies with tax payers money, giving us loans we don't want and thus benefiting the shareholders all whilst people die. And lets be straight with this. THAT IS EXACTLY WHAT WILL HAPPEN.
I listened to your advice 6 months ago and ignored it. Signed up with EDF on a three year contract doubling my gas and higher ele. Wasn’t thrilled paying so much more but I am now after the new rises. Still love your work and use your money saving expert site all the time.
I’m sorry I’m not sure I totally understand the percents etc, but do understand how it all works to a point. Thanks for caring. Sad and cold times ahead.
I moved house on December 1st, and rang the new energy supplier (Eon Next) who offered be on the price cap, or do an 18 month flex tarrif which was about 12% higher for gas, and 5% for electricity. I took the 18 month tariff. I feel incredibly fortunate.
E-On Next threatened to put me on a very high tariff from my fixed deal because I refused their smart meters - I don't like bullies specially when my contract is up. They're history.
@@Thirdfish i moved to e.on as they were cheapest 1 yr fixed tariff at 8p standing charge for gas/lecky and 4p/20p gas/lecky unit charge from shell who took over from first utility who put in my smets 1 meter. Wished i had never gone for the meter now but e.on don't even read it, i have to give manual reads. They can't force you to have a smets meter i read or you could agree but never be in to accept install? God knows what's going to happen in august 22 when my 1 yr fixed price deal ends.
@@arahant69 They get rent from other suppliers when a customer moves away from Eon. I have had 2 smart meters before but they didn't work with the smaller companies so they had to come take them out. You need to wait for your deal to end then try find a fixed in deal (not variable) use a comparison site like Uswitch who will help you find a deal. Bear in mind that in October they could rise again by 20%. My fix deal ends this month they have quoted more than double for my duel fuel deal, I'll be switching when my deal ends.
Well done Martin you are a genuine nice man.I.am worried that I will not be able to afford the increase, my hubby and I work, low pay, we will not get any help
It would be helpful if you could publish on your website what the unit-rate caps are for the various regions, so people can check they're not overpaying. Also, I've not seen you advise it but the unit-rates will be higher if you're on an Economy 7 or 10 tariff. I don't use anything overnight, so switched my standard-variable to single-rate and my day-rate is now 3.5p cheaper per-unit. So for anyone who doesn't make-use of electric overnight (no storage-heaters, no electric-boiler, don't use washing-machine or tumble-dryer overnight) then switch onto the single-rate.
Before all this absolute BS, I was comfortably on £65 a month in a new build 4 bedroom house, Out of the £65 we would only use £53 a month, the left over would aid the £90 winter per month..... Now we're on £80 per month and we use £65/75 a month...... for the Winter months it is £140 per month. I managed to snipe a 2 year deal with octopus just before the realisation of how bad it would get. So let's hope things get better before the contract ends in 2024
I must have misunderstood your advice, my fixed tariff comes to an end in April. I am on £78 per month, I received an e/mail from Scottish power saying my options were either £134 or £177 per month fixed for one year. I remember you saying to hold on, so when I went back 2 weeks later I was very shocked to see that the fixed tariff was now £295 per month. That is nearly half of my state pension!
To save on energy bills I now wash my pots, hands, and face in cold water. I've turned off radiators in a lot of rooms and I didn't even notice a rise and if anything my bill is lower than before.
Difficult as storms recently ie no electricity We are comparing each bill each month and record when go away or work away from the home I had no gas fires on since march 20 I put heating on every 2 days Extra blankets on bed hot water bottles Led lights on stairs Immune system deficiency so eat well no cold food some are having sandwiches daily but need hot food Hope weather gets warmer Took blinds of a spare room and sun in and lovely but with storms now everyone in with heating on etc
Dear Martin, thank you for this, but please stop giving yourself a hard time! (Most fixed rates, assessed by the supplier, have used sophisticated tools to analyse and they know what they are buying at, for at least the next six months, so they have a very good idea of actual costs. I feel they are capitalising on people's worries, people who can afford to lock in, and have made the fixed prices even higher. They do not want people on fixed prices, the future is uncertain.).
My previous , fixed rate finishes march 1 , offer from eon ,a rise of 36 percent ,just before the 54 percent rise and possibly 20 percent in October .I have taken . Hopefully this will be the right choice.
Looks reasonable. I suspect E-on have some wholesale fixed lockins on their prices to them to do this - and the good days of renewables coming in now to them are at pennies for electric, and they can sell up to pounds for it so they make money all over and still can fix reasonably (comparatively) too.
Thank God I didn't listen to your October advice to do nothing! My Britgas fixed price came to an end and I was offered a new fixed deal of £1277pa for two years! I grabbed it with both hands. Thank you Britgas.
Wasnt sure to find a new fix in 2021 as my present fix ends March 31st 2022. Think did better over the peak winter rate, and that was the problem whichever way I went I think I would get stuffed
Hi, I am with Eon Next on a fixed tariff that charges an average of £44 per month. It ends this week and they are offering me a variable rate at £103 per month OR a new 1 year fixed rate also at £103 per month. Am I right in thinking I should probably choose the fixed rate? Thanks!
I would like to thankyou last year I started a fix term with OVO March 21till March 23 with what you were saying this time last year so hopefully it will be all over by March 23 thankyou again.
Hi unfortunately I took a British Gas fixed deal as I didn’t see your advice until after taking up B/G deal. This is so expensive that I am seriously considering solar and a home battery. My energy will cost me £2760 per annum so alternative energy sources are now viable.
Hi Martin , I am on a prepayment meter for gas & electric, I know we pay more, but my question is, wold it be in my interest to top them up as much as I can before they go up .
Last August my fixed rate finished with EDF where I was paying £0.16p per KW/hr. I knew the prices were going to rise substantially for a fair while so I decided to take a small hit and fixed for 3yrs with EDF for £0.204p per Kw/Hr.If things get better within the next 2.5yrs we can leave early for £15 early redemption for gas and electric. So with a mixture of luck and foresight we should be fine until August 2024 but I do feel for people on a variable tariff.. Just my opinion but prices won't be going South for the next 2yrs at least.
I was with Green. They went bust. Got handed to Shell. Took ages though, no opertunity to switch in the intermediate. However, so far it isn't much more.
I've just left Shell, if anything goes wrong with your account in some way from their end, don't expect professionalism from them in correcting it, expect the opposite.
I really don't understand the price cap? I had to go to Shell from Green, paying originally £91 now Shell want me to pay over double I've had to set a direct debit of £188 which still isn't enough for them! This is over double, the total for the year paying £188 is £2,256 that's more than the price cap. I'm 72 and only have state pension and I'm really worried when the prices rise even higher. I've been helped by Citizens advice and they helped but I still don't understand why I'm already paying so much!!?? Thanks for all you're doing to help, I'm sorry you've had sleepless nights. Bless you xx
The price cap is per unit ... so £2,256 isn't more than the price cap, because the price cap isn't how much you pay overall, its how much you're paying per unit.
Well I do follow Martin but I must admit I am soooo confused with regard to gas prices. Last year (October 21) I fixed the gas for one year pn Brtisih Gas Price Promise which expires in September 2022. Did I do the right thing?
My (cynical) view is that the energy companies employ 'experts' who predict future prices on a professional, daily basis so you & I have got virtually zero chance of outguessing them. If you win or lose is down to luck re unpredictable things like external events. As such, their offered fixed price tariffs are going to be priced on a risk/reward basis to protect their bottom line and to me is the best available indicator today of future price cap movements. If that's true, all the price cap is going to do is to delay the pain.
Energy should have never been privatized Martin.We all need to keep warm and water,How this was ever allowed is beyond me.This is capitalism gone rogue.Our monthly Energy bill was £96 with Scottish Power.It is going up to £236 a month.We are pensioners over 70.This is total nuts.
I’m with shell energy at the moment on a fixed tariff which is due to end very soon. Paying £54 every month, up and till recently, when shell energy increased my monthly tariff from £54 to £80, when its suppose to be a fixed tariff I’m on for now, until it ends very soon. Maybe, I ran out of credit, which is why Shell energy upped my monthly tariff, towards the end of my contract. Shell energy have told me my monthly tariff will increase again to £105, when my fixed tariff contract ends very soon, switching me from a fixed tariff to a Standard variable tariff, until fixed tariff contracts become available again. My question is Martin Lewis, should I stay with Shell energy when my fixed tariff contract ends, switching to the standard variable tariff, until a fixed tariff becomes available again, or should I go elsewhere? I’ve heard Octopus energy and OVO are very good? Thank you.
Hi a bit of advice please. I’m with eon next for both elec and gas. I now have an EV. I spoke to Octupus who over cheap elec overnight which would be a big saving but their gas is much more expensive. What is the down side to switching elec only therefore ending up with two diff ent suppliers for elec and gas?
Usually dual fuel tariffs will offer you a combined discount so it's usually cheaper. If however you find it's not, you can still use two suppliers. You'll just have 2 different bills which is alright 😂
the thing is no company will let you change , this of course is the exact opposite of what privatization was all about ???? , so even if you can find a cheaper deal they wont let you sign up to it thus it has become a monopoly surely ?
Why has my daily standard charge price increased by 79% ? Understand the volumme use going up but the standard daily charge is extortionate . Is it going to green subbsidies ?
he forsaw what would happen if there was a war in Ukraine - now there is and it looks like energy prices will increase dramatically. i fixed my tariff around november 2021 for 2 years so i am lucky. my prices will not go up, but for those facing soaring bills, especially with the situation in ukraine it must be a very worrying time indeed - eating or heating has never been more acute
I can't find your video where you were telling people to pull money out of the stock market right at the bottom and put it in a current account instead - was about march 2020
My fixed price deal comes to an end in April. SO Energy want £260 pm to fix for a year. Over £3000 pa! It’s a joke. Council tax over £2000. Only thing we can do is use less energy and put on more thermals.
My low fixed ends in about 5 days, and they want to switch me to a variable tariff. Similar price to the low fixed I had. Should I go to the variable? I’m very confused by all this, I’ve only been a homeowner for 2 years.
Instead of waffling why don’t you focus on the fact that renewable energy hasn’t in fact gone up. It’s had to be increased in line with gas electric prices because of anti-competitive price fixing by the big 6. The question I’ve asked octopus energy is why they don’t fight this attack on the real price for electricity and where does the extra money go to live in force to increase it by due to the anchor anticompetitive system. Anyone can waffle without saying anything it’s people doing something to fight this ludicrous outrage of price-fixing which we need. Oil has had its day Gaz has had its day we just need to get rid of the idiots on top of all of delegates who are fixing the prices anticompetitively. We’re on the cusp but we now need people to stop paying these ludicrous and unnecessary prices until the old companies go bust then we can pay the right price for our energy which in 50 years will probably nothing. You’re barking up the wrong tree Martin start finding the right tree and earn your keep
noted, but was there not a problem with some renewables when the output for electric collaspsed from them. They are back up to 50percent domestic electric now, but will that be sustainable for the next five years ? What I cannot work out is the increase in standing charge from about 20p a day to 30/35p a day !
My energy provider is putting my bills up in march because of my high usage they say, how can i check to see if this is true and not them just charging me more because my tariff is ending in march?
Check your online account for details of your energy usage compared to last year, or you can ask your supplier to send you a breakdown of your energy usage.
The thing ofgem needs to show and would help alot of us is the unit price increase differential between Elec kwh unit prices and gas kwh unit prices. if it goes up another 20% is that 20% on both? as Gas unit prices are doubling+ and in october we will use alot more gas :(
The rates under the price cap vary by region,but on average they are 4p per kwh for gas 21p per kwh for electric Standing charge for gas 26p per day Standing charge for elec 25p per day
@@MrBlurayaddict Maybe Martin could ask people from around the country to send him their rates, so he could then use that info to advise what people should be paying? I'm in the West Midlands region on the Price Cap and use electric-only with these rates: 20.32p per KW unit 23.77p standing-charge
@@MrBlurayaddict He should also make people aware if they have Economy 7 or 10, but never make-use of the cheaper overnight rate, then you'll pay less during the day if you ask to be billed on a single-rate. My day-rate was around 3.5p more per-unit under the price-cap on Economy 7. You don't need to change your meter or anything too... you still send both the night and day readings, and they just add them together and bill you for the total units from both as one rate
Martin - i really need help working out what the price cap is for my typical usage. Where can i find it out? I don't know how to compare the fixes on offer to the price cap? when on a price comparison site i never see plans labelled as "the price cap" to make it clear.
Yeah, I wish their website would just publish what the unit-rates are for the various parts of the country so people could check they're not overpaying. If anywhere you might be able to find it on the Ofgem website, given they are the regulator so I think it's them who sets the cap. Don't forget to for electric the rate you pay during the day under the cap will be a higher-rate if you use Economy 7 or 10.
Why , if the UK gets 50% of it gas from its own supply , are we not ring fencing this supply from market forces. How is this gas supply going on the open market and if it is, where is the profit going from that increase in raw material?
I got transferred to Scottish power after the company I was using went under. I was paying £150 per month, the best fixed rate Scottish power can offer me is......£470, how can this be right!?
Its hard work and it shouldn't be, its life and essential, I work for a company who helps people with debt and they have taken money from their accounts to cover their accounts
Martin I don't care what you say the bottom line is energy prices are just going to go up and up and up they will never, come down, like petrol that goes up and never come down
We pay for our gas and electric through our taxes. Or anything We buy. So we shouldn't be paying for it. Change your meters because that's the only thing they owe
It is scary when company cars are becoming more and more electric and electric hybrids that the household bill will probably rocket to crazy prices. I am hoping that when my husband does change his car which will probably be this summer and it is electric that the company he works for sorts out a deal with a supplier as I cant see it going well if we stay with E.on Next with the current fixed rates they are offering when our contract runs out at the end of next month.
My company has installed chargers in their car parks for any employee to use, the comapny can also pay for charging cars whilst travelling and neither classed as a BIK so no income tax to pay for electricty supplied as a "fuel." I won't be having a charge point installed at home. With a Kia EV6 on its way , i might even try look into powering some housold devices with it 🤷♂️🤣
@@bigalsbash Husband is based at home so unless there are charging points at supermarkets or petrol stations that can be used, or even dealerships we will have to charge from home hence with one car company there currently is a deal with octopus energy I believe but hope they don't get removed from the list or other car companies or suppliers combine forces like that. Not just the 5p per mile fuel subsidy.
@@highpath4776 not so sure, they are currently set until April 2015. But if they do change it will have to be a big hike to impact the saving I will make compared to my current lease coming to an end this year with a 27% BIK.
Who does the price cap apply to? Many homes will be way over the 1277 and 1925? This country is ruined, it will never come back down on price just like fuel at the pumps
Isn't it time to nationalise these energy utilities company's surely not paying share holders and stupid salaries and bonuses to glorified managers. Fleecing us .... pass the money saved on to customers...need to open up the coal mines I know it's going backwards but people are freezing gas electric are not affordable we don't have an alternative it's disgraceful
There is no excuse for the rise it’s none sensical when you look at all there filled profits it’s that high we could have free energy for months explain that to me
Martin! If your reading this! Thank you for all your help and taking your time to teach us.
Such a respectable man! I really appreciate that he is always trying to help with nothing to gain.
@Mick G aye this is the guy that told yi to change you're supplier to all these companies that have went down the tubes, smug bastard sitting comfortably with his heating on full blast
Totally!
@@patrickmcnaughton3532 At the time it was the correct advice. Nobody knew that this apocalypse would happen.
Nothing to gain? He's not a multi millionaire for no reason 😆
Such a honest gentleman I've been using his web site for years and he's saved me money.
Perfect advice, I will always take his advice. Thank you Martin
Our fixed rate expired 19th October. We were paying £120 per month. We were offered a 2 year deal at £268 a month. We took Martin's advice and went for a variable tariff stll paying £120. So far we are still in credit. Could be our new CE system and energy efficient tumbler but Martin's advice has saved us nearly £600 so far. Thanks Martin.
Did you fix to any deals?
Thank you as always for your genuine advise. I am thankful for your insight. You have saved my family a fortune over the years so thank you.
It's an impossible situation. As a single income household, I was switched to BG and had the chance to fix til 2024 instead of the price cap. I thought about it, and am ultimately glad I fixed. It was 20% above the current price cap. Yes if wholesale prices go down I will be paying more, but I'm glad I have security. Tough call though!
Martin, you have helped sooo many people and will continue to do so because you're a marvelous person. We appreciate all the help you give us. Thank you so very much ❤
Martin just carry on with what your doing. You cannot be accused for making people doing the wrong thing. It's their choice. You are such a clever man and I'm glad you give out the advice. X
Great video Martin - just wanted to say that your advice earlier in the year really did help me out. I was on a fixed tariff of 42.50 a month that was ending by November 2021 with EON and, in September, I decided to take a look early to try and pre-empt the price hikes and got a price of £87 with EON on a 2 year fixed to last until 2023 - at the time I baulked as it was over double what I was paying, but now on comparison sites the cheapest monthly rate for gas and electricity for me is £115.57, with a high of £153.33 a month, so I really benefited from pre-empting it otherwise I would have been hit by a much bigger hike than I did when changing in September.
i am the same, i am with Scottish Power, i was paying around £18/month and then my bill went up to £64, so i went for a fixed deal for 2 years until, like you, 2023. now i am paying £38.88/month which is more than i was but is certainly better than the prices that some people will be paying in the coming months, especially with the situation in ukraine. i too thought hard about fixing, but am now mightily glad i did.
Thank you for that Martin!
Message to our excuse of PM: That is how an apology is supposed to work Bozo! Heartfelt, real and sincere!
Had a call from Scottish Power about my current fixed term tariff which end on the 31st January. The best fixed term tariff they could offer was £287.00 per month. An increase of 150%!
I got price of 1600 a year(130a month) from octopus on loyalty tariff gonna start from 16 of march
Good grief! !!! 😡 Id be inclined to say f*** off then get a loan and install every conceivable off grid system possible.
@@penguins1984 we the same up from 1500 to 3200 g+e switched to utility warehouse got it down to 2400 had to take a sim card and phone internet as well but saved money there
I'm with Scottish power and they are a joke they've charged me £344.00 this month I'm in the process of trying to sort it out but it's really hard to get a straight answer out of them.
not a worry martin, if anyone who follows your advice, the amount you have saved us over the years makes up more than enough and beyond if you were one of those who should of switched. But you always stated it was a best guess and everyone was aware, keep being who you are and helping us out.
I would be paying a lot less in April had I ignored the advice and fixed in October but nobody could have predicted the way things panned out. Will still always look out for Martin's advice
Thank you once again Martin for the excellent information. We followed your advice last year. Sadly the energy company we switched to went bankrupt before they’d even taken one payment. It ended up with us being ‘moved’ (without our knowledge) to Octopus, but still ended up in a better position than if we hadn’t switched. Not sure about the way the government is ‘selling’ the council tax band A-D support though. As always, a lot of people who fall just outside this criteria will lose out and it doesn’t follow that they’re high earners. Many single household elderly residents and self employed people who haven’t been able to work throughout the pandemic won’t be eligible, it hasn’t been very well though through.
Martin announced there was a discretionary fund for those that don't qualify on a recent video.
Thank you, appreciate your honesty!
It's been a very unusual situation so can't be helped that you couldn't predict it. Appreciate you doing your best and usually get it right.
Back in late September and October, British gas were doing a 2 year fix with prices that were only marginally higher than the cap. With no leaving penalties. This means that, if prices went up as they are doing, I pay no more and, if prices go down, I can leave with no penalty and sign up for a new fixed price deal.
@@zimri-lim8254 2 year fixes for energy were generally not available. At best they were 18 months only.
Glad you mentioned this.. i got e.on 2 years and only 5.00 per month extra then last week as im in credit they said to reduce my monthly direct debit by 3.00 per month.
@@petercallomon9681 Would 18 months still not have been better though?
@@petercallomon9681 mines definitely 24 months, and at a pre October 21 cap rate
I got abused by people for saying exactly this. I took a fixed tariff back in Sept 21 and had the prices miraculously dropped in April I would have just exited my fixed tariff and gotten a cheapen deal.
If gas and electricity becomes totally unaffordable, how many people in 2022 will be lighting their homes with candles and surviving on sandwiches? We need a government which works to actually solve this problem. My personal preference is to leave the price cap as it is, let the "re-sellers" all go bust and re-nationalise the entire industry, not propping up private companies with tax payers money, giving us loans we don't want and thus benefiting the shareholders all whilst people die. And lets be straight with this. THAT IS EXACTLY WHAT WILL HAPPEN.
Absolutely. These idiots with heads in the sand while,sitting on the fence when such gymnastic aren’t morally acceptable is beyond me.
I listened to your advice 6 months ago and ignored it. Signed up with EDF on a three year contract doubling my gas and higher ele. Wasn’t thrilled paying so much more but I am now after the new rises.
Still love your work and use your money saving expert site all the time.
I’m sorry I’m not sure I totally understand the percents etc, but do understand how it all works to a point. Thanks for caring. Sad and cold times ahead.
I moved house on December 1st, and rang the new energy supplier (Eon Next) who offered be on the price cap, or do an 18 month flex tarrif which was about 12% higher for gas, and 5% for electricity. I took the 18 month tariff. I feel incredibly fortunate.
E-On Next threatened to put me on a very high tariff from my fixed deal because I refused their smart meters - I don't like bullies specially when my contract is up. They're history.
@@Thirdfish i moved to e.on as they were cheapest 1 yr fixed tariff at 8p standing charge for gas/lecky and 4p/20p gas/lecky unit charge from shell who took over from first utility who put in my smets 1 meter. Wished i had never gone for the meter now but e.on don't even read it, i have to give manual reads. They can't force you to have a smets meter i read or you could agree but never be in to accept install? God knows what's going to happen in august 22 when my 1 yr fixed price deal ends.
@@arahant69 They get rent from other suppliers when a customer moves away from Eon. I have had 2 smart meters before but they didn't work with the smaller companies so they had to come take them out. You need to wait for your deal to end then try find a fixed in deal (not variable) use a comparison site like Uswitch who will help you find a deal. Bear in mind that in October they could rise again by 20%. My fix deal ends this month they have quoted more than double for my duel fuel deal, I'll be switching when my deal ends.
Well done Martin you are a genuine nice man.I.am worried that I will not be able to afford the increase, my hubby and I work, low pay, we will not get any help
just keep making videos on energy to keep us up to date
It would be helpful if you could publish on your website what the unit-rate caps are for the various regions, so people can check they're not overpaying.
Also, I've not seen you advise it but the unit-rates will be higher if you're on an Economy 7 or 10 tariff. I don't use anything overnight, so switched my standard-variable to single-rate and my day-rate is now 3.5p cheaper per-unit.
So for anyone who doesn't make-use of electric overnight (no storage-heaters, no electric-boiler, don't use washing-machine or tumble-dryer overnight) then switch onto the single-rate.
dont forget car charging
Before all this absolute BS, I was comfortably on £65 a month in a new build 4 bedroom house, Out of the £65 we would only use £53 a month, the left over would aid the £90 winter per month.....
Now we're on £80 per month and we use £65/75 a month...... for the Winter months it is £140 per month.
I managed to snipe a 2 year deal with octopus just before the realisation of how bad it would get. So let's hope things get better before the contract ends in 2024
I must have misunderstood your advice, my fixed tariff comes to an end in April. I am on £78 per month, I received an e/mail from Scottish power saying my options were either £134 or £177 per month fixed for one year. I remember you saying to hold on, so when I went back 2 weeks later I was very shocked to see that the fixed tariff was now £295 per month. That is nearly half of my state pension!
Tks Martin for your free advice
To save on energy bills I now wash my pots, hands, and face in cold water. I've turned off radiators in a lot of rooms and I didn't even notice a rise and if anything my bill is lower than before.
I also use less bath water, Hoover less than before and wash clothes less. If we can't get lower rates we have to use less.
Save the environment by saving on bills the right way.
My washing machine broke down and I'm not replacing it because I intend to hand wash as it's cheaper
I do that, my washer broke and I've been hand washing since before Christmas.
@@KarMicFox11 what a way to live in the 21st century, we are going backwards in this country
Martin Lewis is brilliant, he is a genius 👍
Difficult as storms recently ie no electricity
We are comparing each bill each month and record when go away or work away from the home
I had no gas fires on since march 20
I put heating on every 2 days
Extra blankets on bed hot water bottles
Led lights on stairs
Immune system deficiency so eat well no cold food some are having sandwiches daily but need hot food
Hope weather gets warmer
Took blinds of a spare room and sun in and lovely but with storms now everyone in with heating on etc
Dear Martin, thank you for this, but please stop giving yourself a hard time!
(Most fixed rates, assessed by the supplier, have used sophisticated tools to analyse and they know what they are buying at, for at least the next six months, so they have a very good idea of actual costs. I feel they are capitalising on people's worries, people who can afford to lock in, and have made the fixed prices even higher. They do not want people on fixed prices, the future is uncertain.).
Sound advice as always. Thank you
My previous , fixed rate finishes march 1 , offer from eon ,a rise of 36 percent ,just before the 54 percent rise and possibly 20 percent in October .I have taken . Hopefully this will be the right choice.
Looks reasonable. I suspect E-on have some wholesale fixed lockins on their prices to them to do this - and the good days of renewables coming in now to them are at pennies for electric, and they can sell up to pounds for it so they make money all over and still can fix reasonably (comparatively) too.
Thank God I didn't listen to your October advice to do nothing! My Britgas fixed price came to an end and I was offered a new fixed deal of £1277pa for two years! I grabbed it with both hands. Thank you Britgas.
Wasnt sure to find a new fix in 2021 as my present fix ends March 31st 2022. Think did better over the peak winter rate, and that was the problem whichever way I went I think I would get stuffed
@@highpath4776 Can't see why you replied to my comment.
Your is a stand alone comment.
@@jamescollins408 did it as a reply as it sort of looked like a conversation down the pub between two minds on this particular one.
Hi, I am with Eon Next on a fixed tariff that charges an average of £44 per month. It ends this week and they are offering me a variable rate at £103 per month OR a new 1 year fixed rate also at £103 per month. Am I right in thinking I should probably choose the fixed rate? Thanks!
I would like to thankyou last year I started a fix term with OVO March 21till March 23 with what you were saying this time last year so hopefully it will be all over by March 23 thankyou again.
54% increase in the price cap. No one seems to be mentioning the 75% increase in gas, 4p to 7p.
Thank you. Bless you.
Hi unfortunately I took a British Gas fixed deal as I didn’t see your advice until after taking up B/G deal. This is so expensive that I am seriously considering solar and a home battery. My energy will cost me £2760 per annum so alternative energy sources are now viable.
wants government intervention to solve a problem created by government intervention. nice knowing you britain. enjoy the ride down.
Hi Martin , I am on a prepayment meter for gas & electric, I know we pay more, but my question is, wold it be in my interest to top them up as much as I can before they go up .
If you dont have to borrow the cash, I dont think so, because the cost is based when you use it, not when you add money to them - (I think)
The trick only works if you don't have a smart meter
Martin Lewis for PM I say
Fixed tariffs at the moment for gas is crazy your looking between 8p per kWh to 10p but the variable for gas is just under 4p. Stick to variable guys
Yep...and where is it now...8 days later.
Last August my fixed rate finished with EDF where I was paying £0.16p per KW/hr. I knew the prices were going to rise substantially for a fair while so I decided to take a small hit and fixed for 3yrs with EDF for £0.204p per Kw/Hr.If things get better within the next 2.5yrs we can leave early for £15 early redemption for gas and electric. So with a mixture of luck and foresight we should be fine until August 2024 but I do feel for people on a variable tariff.. Just my opinion but prices won't be going South for the next 2yrs at least.
I was with Green. They went bust. Got handed to Shell. Took ages though, no opertunity to switch in the intermediate. However, so far it isn't much more.
I've just left Shell, if anything goes wrong with your account in some way from their end, don't expect professionalism from them in correcting it, expect the opposite.
Yeah similar, although I've got money locked up in Green still!
That's the same with me. I was green, now with shell. Waiting to see what april brings. Fingers crossed
Why are we so dependent on Russia for energy when we have our own energy sources in the North Sea??
Yep. My dad is always (quite rightly) banging on about this.
You really believe that nonsense?
Because the green idiot's are all government is listening to
I really don't understand the price cap? I had to go to Shell from Green, paying originally £91 now Shell want me to pay over double I've had to set a direct debit of £188 which still isn't enough for them! This is over double, the total for the year paying £188 is £2,256 that's more than the price cap. I'm 72 and only have state pension and I'm really worried when the prices rise even higher. I've been helped by Citizens advice and they helped but I still don't understand why I'm already paying so much!!?? Thanks for all you're doing to help, I'm sorry you've had sleepless nights. Bless you xx
If your account is massively in-credit you could phone them up and request they lower your Direct Debit monthly account.
The price cap is per unit ... so £2,256 isn't more than the price cap, because the price cap isn't how much you pay overall, its how much you're paying per unit.
@@oliverwarren1074 thanks
@@dftfire not credit, debit unfortunately! Thanks
Sounds like your wasting alot of energy.just heat the room your in and try not to use the tumble drier and bath once a week.
Well I do follow Martin but I must admit I am soooo confused with regard to gas prices. Last year (October 21) I fixed the gas for one year pn Brtisih Gas Price Promise which expires in September 2022. Did I do the right thing?
Storage and PV are now better buys than ever.
An absolute minefield, we're damned if we do, damned if we don't!
#RipOffBritain
Great video thank you 🇬🇧🇪🇸
My (cynical) view is that the energy companies employ 'experts' who predict future prices on a professional, daily basis so you & I have got virtually zero chance of outguessing them. If you win or lose is down to luck re unpredictable things like external events.
As such, their offered fixed price tariffs are going to be priced on a risk/reward basis to protect their bottom line and to me is the best available indicator today of future price cap movements. If that's true, all the price cap is going to do is to delay the pain.
totally agree, the resources available to the big energy suppliers simply swamps any effort of the individual.
Energy should have never been privatized Martin.We all need to keep warm and water,How this was ever allowed is beyond me.This is capitalism gone rogue.Our monthly Energy bill was £96 with Scottish Power.It is going up to £236 a month.We are pensioners over 70.This is total nuts.
I’m with shell energy at the moment on a fixed tariff which is due to end very soon. Paying £54 every month, up and till recently, when shell energy increased my monthly tariff from £54 to £80, when its suppose to be a fixed tariff I’m on for now, until it ends very soon. Maybe, I ran out of credit, which is why Shell energy upped my monthly tariff, towards the end of my contract. Shell energy have told me my monthly tariff will increase again to £105, when my fixed tariff contract ends very soon, switching me from a fixed tariff to a Standard variable tariff, until fixed tariff contracts become available again. My question is Martin Lewis, should I stay with Shell energy when my fixed tariff contract ends, switching to the standard variable tariff, until a fixed tariff becomes available again, or should I go elsewhere? I’ve heard Octopus energy and OVO are very good? Thank you.
Yes, you will pay more if you move provider as the cap is removed when switching to a new provider
Im doing as many Energy Performance Certificates as i can before the energy cost goes up more.
Hi a bit of advice please. I’m with eon next for both elec and gas. I now have an EV. I spoke to Octupus who over cheap elec overnight which would be a big saving but their gas is much more expensive. What is the down side to switching elec only therefore ending up with two diff ent suppliers for elec and gas?
Usually dual fuel tariffs will offer you a combined discount so it's usually cheaper. If however you find it's not, you can still use two suppliers. You'll just have 2 different bills which is alright 😂
the thing is no company will let you change , this of course is the exact opposite of what privatization was all about ???? , so even if you can find a cheaper deal they wont let you sign up to it
thus it has become a monopoly surely ?
Why has my daily standard charge price increased by 79% ? Understand the volumme use going up but the standard daily charge is extortionate . Is it going to green subbsidies ?
he forsaw what would happen if there was a war in Ukraine - now there is and it looks like energy prices will increase dramatically. i fixed my tariff around november 2021 for 2 years so i am lucky. my prices will not go up, but for those facing soaring bills, especially with the situation in ukraine it must be a very worrying time indeed - eating or heating has never been more acute
I can't find your video where you were telling people to pull money out of the stock market right at the bottom and put it in a current account instead - was about march 2020
So either way us poor people are fked 🙄
How about advice on most cost effective ways to reduce energy use?
There's stuff on his website.
My 3 year fixed rate runs out at the end of April. I shudder to think what I am going to have to pay after that.
My fixed price deal comes to an end in April. SO Energy want £260 pm to fix for a year. Over £3000 pa! It’s a joke. Council tax over £2000. Only thing we can do is use less energy and put on more thermals.
Don't switch yet. Wait until your contract expires then try fix in (avoid variable contracts)
Uswitch and other comparison sites will help you.
I vote Martin Lewis for Chancellor
My low fixed ends in about 5 days, and they want to switch me to a variable tariff. Similar price to the low fixed I had.
Should I go to the variable? I’m very confused by all this, I’ve only been a homeowner for 2 years.
You can't get a cheaper fixed deal than what the variable one will be
My default tariff will be 105 a month now but the fixed is 220 minimum. I currently pay 38 fixed runs out end of month
Instead of waffling why don’t you focus on the fact that renewable energy hasn’t in fact gone up.
It’s had to be increased in line with gas electric prices because of anti-competitive price fixing by the big 6.
The question I’ve asked octopus energy is why they don’t fight this attack on the real price for electricity and where does the extra money go to live in force to increase it by due to the anchor anticompetitive system.
Anyone can waffle without saying anything it’s people doing something to fight this ludicrous outrage of price-fixing which we need. Oil has had its day Gaz has had its day we just need to get rid of the idiots on top of all of delegates who are fixing the prices anticompetitively.
We’re on the cusp but we now need people to stop paying these ludicrous and unnecessary prices until the old companies go bust then we can pay the right price for our energy which in 50 years will probably nothing.
You’re barking up the wrong tree Martin start finding the right tree and earn your keep
noted, but was there not a problem with some renewables when the output for electric collaspsed from them. They are back up to 50percent domestic electric now, but will that be sustainable for the next five years ? What I cannot work out is the increase in standing charge from about 20p a day to 30/35p a day !
Again i have to ask. Are we taking a hit to maintain shareholder dividends? Or is everyone taking a hit including elites?
What about those people who have solar panels and back up batteries
Also receiving money from the grid should it be more
Hi my fixed rate ends in July do I do anything now? or do I leave it till then? Thx
I was looking forward to this clip
If every supplier is applying the cap then there is no point in switching, which probably means "do nothing" was right.
I heard your advice about staying put, but alas I don't recall you giving the "health warnings" that you're now stating you gave at the time...
My energy provider is putting my bills up in march because of my high usage they say, how can i check to see if this is true and not them just charging me more because my tariff is ending in march?
Check your online account for details of your energy usage compared to last year, or you can ask your supplier to send you a breakdown of your energy usage.
Yes, as advised I turned down a 40% rise over 3 years deal. Christ!
The thing ofgem needs to show and would help alot of us is the unit price increase differential between Elec kwh unit prices and gas kwh unit prices. if it goes up another 20% is that 20% on both? as Gas unit prices are doubling+ and in october we will use alot more gas :(
The rates under the price cap vary by region,but on average they are
4p per kwh for gas
21p per kwh for electric
Standing charge for gas 26p per day
Standing charge for elec 25p per day
@@MrBlurayaddict Maybe Martin could ask people from around the country to send him their rates, so he could then use that info to advise what people should be paying?
I'm in the West Midlands region on the Price Cap and use electric-only with these rates:
20.32p per KW unit
23.77p standing-charge
@@MrBlurayaddict He should also make people aware if they have Economy 7 or 10, but never make-use of the cheaper overnight rate, then you'll pay less during the day if you ask to be billed on a single-rate.
My day-rate was around 3.5p more per-unit under the price-cap on Economy 7. You don't need to change your meter or anything too... you still send both the night and day readings, and they just add them together and bill you for the total units from both as one rate
Thankfully I'm fixed until 2023 on £80/month.
Martin - i really need help working out what the price cap is for my typical usage. Where can i find it out? I don't know how to compare the fixes on offer to the price cap? when on a price comparison site i never see plans labelled as "the price cap" to make it clear.
Yeah, I wish their website would just publish what the unit-rates are for the various parts of the country so people could check they're not overpaying.
If anywhere you might be able to find it on the Ofgem website, given they are the regulator so I think it's them who sets the cap.
Don't forget to for electric the rate you pay during the day under the cap will be a higher-rate if you use Economy 7 or 10.
@@dftfire thanks. i'll check out ofgem.
I have just done a fix for 2 years till 2024, I have to pay £113 per month from £60 per month.
Why , if the UK gets 50% of it gas from its own supply , are we not ring fencing this supply from market forces. How is this gas supply going on the open market and if it is, where is the profit going from that increase in raw material?
Does it mean that I am cheaper staying with my pre paid electricity meter ?
Pre payment always works out more expensive than standard meteres unless you are just not in the house much
Bbc radio 4 told me not to fix and I regret listening to them now
wholesale prices seem to be back to normal now so no reason why the price cap needs to go up
No reason other than to skin the public of their money.
I got transferred to Scottish power after the company I was using went under. I was paying £150 per month, the best fixed rate Scottish power can offer me is......£470, how can this be right!?
Its hard work and it shouldn't be, its life and essential, I work for a company who helps people with debt and they have taken money from their accounts to cover their accounts
Always the best advice. However go and answer your door I think it’s British Gas come to give you an energy quote you can’t refuse 🤪
Martin I don't care what you say the bottom line is energy prices are just going to go up and up and up they will never, come down, like petrol that goes up and never come down
We pay for our gas and electric through our taxes. Or anything We buy. So we shouldn't be paying for it. Change your meters because that's the only thing they owe
I get why gas is going up but why electricity?
It is scary when company cars are becoming more and more electric and electric hybrids that the household bill will probably rocket to crazy prices. I am hoping that when my husband does change his car which will probably be this summer and it is electric that the company he works for sorts out a deal with a supplier as I cant see it going well if we stay with E.on Next with the current fixed rates they are offering when our contract runs out at the end of next month.
My company has installed chargers in their car parks for any employee to use, the comapny can also pay for charging cars whilst travelling and neither classed as a BIK so no income tax to pay for electricty supplied as a "fuel." I won't be having a charge point installed at home. With a Kia EV6 on its way , i might even try look into powering some housold devices with it 🤷♂️🤣
@@bigalsbash Husband is based at home so unless there are charging points at supermarkets or petrol stations that can be used, or even dealerships we will have to charge from home hence with one car company there currently is a deal with octopus energy I believe but hope they don't get removed from the list or other car companies or suppliers combine forces like that. Not just the 5p per mile fuel subsidy.
@@bigalsbash I can see Rishi changing the BiK in April at least from 2023
@@highpath4776 not so sure, they are currently set until April 2015. But if they do change it will have to be a big hike to impact the saving I will make compared to my current lease coming to an end this year with a 27% BIK.
Fix your prices now, energy will only go up and spend your savings on insulation. as inflation will wreck them.
Price of cannabis will shoot up too.
Who does the price cap apply to? Many homes will be way over the 1277 and 1925?
This country is ruined, it will never come back down on price just like fuel at the pumps
It's a cap on the standard variable tariff not in absolute terms.
These current prices are not limited to the UK. It's everywhere.
Martin not related but your last videos were about online scams my enquiry is related could you help ?
I think if everyone got together, like the rip off council tax/pol tax. Energy gas& electric,=Don't fkn..g pay. Sadly it won't happen 😞
Isn't it time to nationalise these energy utilities company's surely not paying share holders and stupid salaries and bonuses to glorified managers. Fleecing us .... pass the money saved on to customers...need to open up the coal mines I know it's going backwards but people are freezing gas electric are not affordable we don't have an alternative it's disgraceful
I think I will be switching the gas and electricity off and get a couple of paraffin heater’s and lamps
There is no excuse for the rise it’s none sensical when you look at all there filled profits it’s that high we could have free energy for months explain that to me
Send a meter reading that is higher than you really have so you can get a short money save on todays cheaper fuel