As April swings around, customers on the big six standard tariffs may need to be prepared for the upcoming 10 per cent price rise for those who pay for their energy on standard tariffs. Today, Martin Lewis explained that more than 50 per cent of bill payers are currently on their energy providers standard tariff, meaning they could be paying more than necessary on energy. However, the 46-year-old was keen to urge This Morning viewers to save themselves some money – and he was quick to provide the answer. While some may fear that moving tariff could be a hassle, the founder of the website MoneySavingExpert.com, insisted it wasn’t difficult to compare different options and then make the move.
First in his deals segment was the topic of how easy it is to compare and switch to the cheapest energy tariffs on the market via comparison sites such as Martin’s Cheap Energy Club or any Ofgem-approved site.
The financial journalist also considered how some people may choose against switching, as they’re nervous about moving away from a big six provider.
However, thanks to a new direct debit tariff relaunched by British Gas, Martin insisted there was no longer any elusiveness.
British Gas has just relaunched a new dual fuel, direct debit tariff that’s fixed for a year, Martin explained.
“It’s a no brainer for British Gas customers, so do check it out and check it out quickly,” he said.
This tariff, known as the Energy Plus Boiler Cover March 2020, means you pay for both your gas and electricity on it.
And, it’s not just new customers who get to take advantage of the deal.
Rather, both new and existing British Gas customers can switch onto the tariff.
According to the Money Saving Expert, this is the cheapest deal from a big six company, not factoring in the boiler cover.
While it will depend on the billpayers region, the average tariff costs £1,020 per year.
Crunching the numbers, Martin explained that this is around £230 cheaper than the company’s standard variable tariff.
The tariff also includes British Gas Boiler Insurance for no extra cost – something which usually costs around £60.
Billpayers would also get a British Gas Smart meter installed, should they not already have one.
“This is a one-year fix so the rate you pay is guaranteed. It’s dual fuel, direct debit, and you must get a smart meter,” Martin said in the segment.
“If you do [switch] though, it’s £230 a year cheaper than its standard tariff for someone with typical use.
“So, it’s a no-brainer for the British Gas customers who don’t listen to me when I say, ‘Go and do a price comparison and loyal to it’.”
There are no exit fees for switching to this tariff, however, Martin explained that you can’t get it direct – instead, only via a comparison site.
Yesterday, Martin revealed he had made a surprising “U-turn”, as he recommended savers took out a particular cash ISA.
To find out more and sign up to Martin Lewis’ weekly newsletter, visit www.moneysavingexpert.com/latesttip. Visit MSE’s Cheap Energy Club for more on finding the cheapest energy bills.
This Morning airs weekdays from 10.30am on ITV.