MARTIN Lewis has warned that 11million households are paying over the odds for their energy – and could save £280 by switching deal.
It applies to those who're on a standard variable tariff by one of the big six energy providers, including British Gas, E.ON, EDF, Scottish Power, nPower and SSE.
The founder of MoneySavingExpert, who appeared on ITV's This Morning today, said: "So many people are ripping themselves off [by not switching]".
Martin explained: "If you're on a big six company and you haven't switched for over a year, you're overpaying.
"And even if you're not with them, you could make quite big savings as prices have come down in the last six months."
For example, customers with an average consumption on British Gas' standard variable tariffs currently pay £1,177 per year – roughly the rate of the price cap.
Yet they could save £280 by switching to another British Gas' tariff, which is £897 a year.
How to find a cheaper energy deal
FIRSTLY, you’ll need to have a recent bill to hand. This will have all the details you need, including the name of your tariff and your recent spending on gas
- Use a comparison website: Customers can use websites such as uSwitch.com or Energyhelpline.com to compare tariffs and find a cheaper deal. You could save up to several hundred of pounds a year if you’ve never switched before.
- There are other service you can turn to: MoneySavingExpert’s Cheap Energy Club will let you set up an email reminder that alerts you when cheaper deals become available.
- Things to do before you switch: Compare prices and before you switch check to see if you can get cachback from a website like Quidco or TopCashback
This tariff comes with the same service and is fixed, meaning you don't have to worry about prices rising over the next 12 months.
But, Martin added, if you're willing to switch to another energy provider then you can save even more.
The cheapest deals on the market are currently around £830 for typical usage, meaning you could cut your yearly energy bills by a sweet £350.
Overall, customers who are on pricey standard variable tariffs can save 25-30 per cent by switching, Martin said.
To quickly slash your energy bills, simply put in your details into a comparison site and find your cheapest deal.
It's worth doing as the cheapest tariffs are only available through these sites.
You'll need to fill in your name, address and who your existing provider is.
If you're also able to put in your usage too, even better. If you don't know this, the comparison site will simply estimate it for you.
Should you want a supplier you've heard of before or one with a good service record, just scroll down the results until you find it, Martin suggested.
Once you decide on a deal, it's worth checking cashback websites including Top Cashback and Quidco whether you can get some money back.
In December, Martin Lewis also urged pensioners and households on low income to check if they can get £140 off their energy bills this winter.
Plus, the money guru last week explained his seven New Year money-saving resolutions to help you save THOUSANDS of pounds.
And if you've paid hefty overdraft fees, Martin has shared how to claim it back as the rip-off charges were banned last year.
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