Martin Lewis Warns Energy Prices Will Rise by 12%

Whilst presenting on Good Morning Britain, Martin Lewis chimed in on Ofgem’s reveal that energy bills will see a fall of 7.2 per cent at the beginning of next month. Albeit, they are still significantly larger than they were before the energy crisis struck the country.

Martin Lewis on the Rise

However, any glimmer of hope has been removed by the popular consumer guru Martin Lewis.

He was highlighting Cornwall Insight’s prediction of a 12 per cent rise in energy prices rom the 1st of October. Lewis discussed that over the next year, households will be paying more. 1 per cent more to be precise.

He warned viewers on Good Morning Britain:

If you’re not on a fix, or a special tariff, you’re on the energy price cap. We don’t have a prediction for January, but we’re told it’s looking pretty similar to the previous one.

Martin Lewis on Good Morning Britain

Homes on the standard tariff will reportedly drop by over £100 on the 1st of July (£1,690 to £1,568.)

Are you Worried about the Predicted Price Hike? Martin Lewis Has Help.

He pointed out energy companies that are providing the cheapest fixes below the price cap:

  1. OutFox the Market at 7%.
  2. British Gas at 5%.
  3. Octopus Energy with 3%.
  4. Eon Next Pledge 3% below price cap for a year – only for direct debit payers.

What Octopus Energy Customers Should Look Out For

Existing customers, or those who have switched should change tariffs once they have a foot in the door. There are two tariffs available known as Tracker and Agile.

Tracker: Follows the wholesale price of energy. Updates every day based on independently published wholesale prices.

Agile: This is a smart tariff impacted by wholesale market volatility. These prices can spike up to 100p/kWh at any given moment. It is often used by those who have renewable energies like solar and storage batteries.

How Long Will the New Energy Price Cap Be in Place?

The energy price cap will remain the same until September 30, 2024.

Are you Looking for a Long-Term Solution to Rising Energy Costs?  

Like many households nationwide, many consumers are transitioning to renewable energy sources that provide their properties with clean and cheaper energy, driving bills down.

With government-backed grants like The Energy Company Obligation (ECO4), Boiler Upgrade Scheme (BUS,) and the Great British Insulation Scheme (GBIS).

How to Apply for Government Grants

You can apply for these grants through Energy Advice Helpline, checking your eligibility with the button below.

Clicking this button will put you directly through to us; if you are eligible we will contact you to discuss what happens next in the process.

Martin Lewis has a lot of information on the energy price rise is informative and helpful in regards to price hikes. With this, we can begin to see that although prices do fall, they are still astronomically higher than they should be.

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