Personal finance expert Martin Lewis says there are three energy tariffs he would consider switching to ahead of bill changes coming in April. The Energy Price Cap set by Ofgem will come down in April, meaning a drop in gas and electricity bills for most people.
Martin said: “We are in an interesting position at the moment, as the wholesale rates of energy that firms pay is increasing, but the rate at which we pay is not decreasing as quickly. The vast majority of people in the country’s pay is dictated by the energy price cap which is set by Ofgem which says that the maximum standing charge , then firms can go lower in price, but they don’t, so effectively Ofgem sets the price.
“If you are on the price cap, provided you pay by direct debit and are happy to get a smart meter then you may as well be on the E.ON Next Pledge because it’s 3% cheaper than the price cap.