Martin Lewis shares how to slash cost of energy bills – you must act ‘right now’

Martin Lewis is the Money Saving Expert who will regularly help Britons out by sharing his financial expertise. Tonight, he appeared on The Martin Lewis Money Show – A Coronavirus Special to give money saving tips. He explained how homeowners can save on their energy and water bills now.

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With more people staying at home during the coronavirus lockdown, saving on energy bills is more important than ever.

Appearing on the show, Martin explained how Britons could save on their energy bills.

However, the expert warned they must act quickly in order to get the best possible deal.

Speaking on his show, he told viewers low oil prices had affected the price of energy.

Martin said: “Last week, you’ll have heard oil prices went negative.

“In other words, they couldn’t sell oil and they actually had to pay people to store it.

“So, they’re at a historic low and energy prices, some of that factors in, are at three year cheapest lows.”

With energy prices so low, Martin said it is a great time to shop around energy deals.

Opting for a fixed term contract would ensure the deals stay cheap for a year.

He continued: “If you were to lock in now with a fixed term tariff – one where the rate can’t go up in a year – you can lock in at these super low prices with a guarantee that it won’t go up.

“Most of you are on price capped tariffs and with typical use that’s £300 to £350 cheaper and there are no price hikes guaranteed.”

Britons could save hundreds of pounds by making the switch and many big energy companies are offering good deals now, he added.

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Martin continued: “It includes companies like Tonik, Green Network, Avro, British Gas and EDF, for new customers only.

“Make sure you do a whole market comparison as some of the sites filter out companies that don’t pay them and you want to go across the whole of the market.

“Do it right now because prices are super cheap.”

While on the show, he also told viewers how they could cut water bills by picking up free tools.

He explained Britons can buy free water saving devices to install at home from the website Save Money Save Water.

Martin said: “Right now we’re all at home with lots of people using more water.”

Things like shower heads and taps are available that could help limit water usage.

He explained what Britons can get depends on where they are in the country.

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