Martin Lewis explains how to reduce your energy bills
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Energy bills could soar by half next year, according to the energy industry. Energy UK, the trade association for the energy industry, is calling on the Government to help cut the cost of bills surging as wholesale prices creep upwards putting energy companies at risk of going out of business. Emma Pinchbeck, chief executive of Energy UK, said energy prices are “going to go ip by 45 percent to 50 percent in the spring”.
Ms Pinchbeck, who was talking on Radio 4’s Today programme on Thursday, said the situation is “looking pretty serious for the spring”.
Currently, the price cap, which is set by industry regulator Ofgem has been set at a record £1,277.
The price cap was set on October 1 and will then change again on April 1 when Ofgem is likely to raise the cap, leading to Britons’ energy bills to soar.
Some households could see a 56 percent increase in their energy bills come April next year.
With this in mind, Nick Drewe, money-saving expert at online discounts platform, WeThrift, is warning Britons to do their best to save money on energy bills ahead of the price hike.
He said: “Outlined below are some budgeting tips for anyone feeling concerned at the prospect of increased energy bills and other taxes and bills ahead of the new year.”
Keep checking your bills
Customers should regularly check their household bills in case of any tariff changes or mistakes.
The Government’s latest Plan B rules mean that more people are likely to be working from home.
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Those working from home could see their water, energy and mobile data bills increase.
Before choosing a supplier, research the most cost-effective option.
Look into a wide range of energy suppliers and compare their prices.
Those looking to switch energy suppliers should analyse each company’s exit fees too as some charge a lot to leave.
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Understand the bill
Trying to understand the information related to an energy tariff and household consumption could help keep costs down.
The personal projection on the bill is the amount the household is expected to spend over the next 12 months.
The tariff comparison rate figure is to help people understand how much they’re spending per kilowatt hour of gas and electricity.
Knowing this information will make it easier when comparing energy deals or help monitor current energy consumption.
Tell companies if you’re living alone
Those living alone can cut the cost of living with a 25 percent discount on council tax bills, saving people potentially hundreds per year.
Households should also check what benefits they may be entitled to.
It could be time to assess whether this streaming subscriptions are still worth it.
Look at how often the subscription is being used and cancel it if it’s a waste of money.
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