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Liverpool Echo
Liverpool Echo
World
Sophie McCoid

Money Saving Expert explains how to save £200 on energy bills ahead of huge rise

Martin Lewis' Money Saving Expert team have revealed how to cut your energy costs ahead of a huge rise in the coming months.

Last week energy regulator Ofgem announced there would be a £139 rise in the price cap for standard direct debit tariffs from October, due to rocketing wholesale costs.

Millions of people are predicted to be hit by the rise and Martin's team warned now is the time to switch in the weekly newsletter.

READ MORE: Warning issued to anyone with money jar or piggy bank

Several of the cheapest deals have disappeared and it's likely more will go off the market soon.

Martin's team have identified the top service deal as one from Igloo, with most people able to save £200 a year.

They said : "The cheapest top-service deal and 100% renewable electrical and you're free to leave penalty free is Igloo.

"The average price is £1,053 a year on typical use with most people able to save £212 a year.

"The Igloo Energy Pioneer tariff for new dual-fuel and elec-only customers comes with £25 MSE cashback (£12.50 elec-only).

"As it's variable, prices could rise or fall at any time, though you can always switch penalty-free, useful if Igloo prices rise or better alternative deals appear."

Customers on prepay are seeing their cap rise by £153 a year from October, but they can also switch and save around £200 a year.

Martin's team said: "Switching is easy - little changes apart from service and cost. It's the same gas, electricity and safety, and you don't lose any supply. Only the customer service and who bills you changes."

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