A money-saving expert has warned that there is one thing not to do during the energy crisis—and it's something that might be less obvious than you think.
Despite all these worries, one money-saving expert has explained that there is one simple thing that we can all avoid during the energy crisis if we don't want to lose money—staying with the same energy supplier.
Martin Lewis highlighted on his social media page that one of the worst things we can do right now if we want to save money is to switch suppliers. This is because the cheapest fixed price tariff for energy has now shot up in the past month.
The expert explained that this means that if you switch suppliers right now, you will be signing up for a higher tariff. Martin said the rise was huge and warned, "Astronomical. Shocking. DONT SWITCH right now."
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Oh my... word. ****1 month ago****Energy price cap £1,138/yrCheapest fix £1,177/yr(for someone with typical usage)****Today****Energy price cap £1,277/yrCheapest fix £1,700/yrAstronomical. Shocking. DONT SWITCH right now.October 6, 2021
Martin highlighted that month ago, the cheapest fixed price tariff, for someone with typical usage, came to £1,177 a year compared to a £1,138 on the energy price cap.
In just one month, the current rates for the cheapest fixed price tariff have shot up. The rates are now £1,700 a year and £1,277 on the energy price cap.
This is a huge increase and demonstrates that if anyone is planning on changing their energy supplier, they will be facing a huge increase in the amount they are paying per year.
This tweet gained huge traction and rightfully so fans were concerned by what this news means how they might be affected by this issue. Martin then took to social media to film a live Q&A that answered a variety of questions posed by fans.
Twitter energy crisis live what you need to know and q&a https://t.co/I16Jwi4CqdOctober 6, 2021
Martin continued to warn on Twitter, "And with wholesale energy prices having risen significantly in the last week—when a week ago they were already at outrageous levels beyond prior highs... Clearly more energy firms will go bust."
Although this too sounds worrying, experts have explained what happens to your credit if your energy supplier goes bust.
In actual fact, there are structures in place that will likely support you if your energy supplier goes bust and for the most part, transitioning to a new supplier by default should not be as troublesome as it may sound.
So if you can, don't switch energy suppliers—otherwise, you may be paying a much higher sum, so it's best to stay put.
Laura is a news writer for woman&home who primarily covers entertainment and celebrity news. Laura dabbles in lifestyle, royal, beauty, and fashion news, and loves to cover anything and everything to do with television and film. She is also passionate about feminism and equality and loves writing about gender issues and feminist literature.
Laura loves drinking and eating and can often be found trying to get reservations at London's trendiest restaurants. When she's not wining and dining, Laura can also be found travelling, baking, and hiking with her dog.
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