Martin Lewis reveals urgent checks which can lower your energy bills – you could be owed thousands in credit
MARTIN Lewis has urged Brits to make urgent checks that could save you thousands in credit and lower your energy bills.
Speaking on the Martin Lewis Money Show, the founder of MoneySavingExpert.com explained how millions could be missing out on a windfall.
When you pay by direct debit, your supplier calculates the cost of your energy for the year ahead and divides this into 12 equal payments.
If you don’t submit regular meter readings, your estimations could be overinflated, and you may find yourself in more credit than you need to be.
Martin told viewers who are on monthly Direct Debit to check that they are not overpaying.
He said it was key that you ensure your meter reading is up to date and not in any debt.
The financial whizz added that anyone unsure of whether they could be owed money should use a Direct Debit calculator online.
If it turns out that your bills are too high you’ve a right to a fair direct debit.
Martin also urged Brits to check if you are owed credit as you could be owed hundreds or thousands of pounds.
The Money Saving Expert explained how it was the perfect time to check as we are at one peak in the yearly cycle.
Currently you should be a couple of months of DD in credit, so you should definitely check to make sure if this is the case.
Earlier this year it was revealed that energy suppliers are holding onto an estimated £3 billion worth of customer credit.
It means millions of customers could be due hundreds of pounds back in refunds.
Since the energy price cap rose by 10% in October, average bills now stand at £1,717 a year, with some households paying even more.
Every little helps, and this hack could allow you to turn your thermostat down a notch without sacrificing warmth.
According to experts, reducing your thermostat by just one degree can save you £100 a year on energy bills.
Many people unknowingly set their thermostats too high, with the Energy Saving Trust recommending a temperature between 18 and 21 degrees Celsius as comfortable.
Many boilers are set higher than necessary, wasting energy and money.
And don’t forget to check your hot water tank.
Fitting an insulating jacket could save the average semi-detached household £165 a year, according to the Energy Saving Trust.
Even if your tank is already insulated, topping up the insulation can still save you around £35 annually.
For just £7, you can also fit draught-proofing tape around your windows and doors to keep the cold out and the warmth in.
The HomeOwners expert warns that “A draughty home lets out the heat you’ve paid for”, so it’s vital you drought-proof to make the most of your money.
And for extra warmth, she recommends investing in thermal curtains, available from Dunelm for as little as £15.
With energy bills soaring, these simple steps could save you hundreds this winter – all for just a few pounds.
How to save money on energy bills
SWITCHING energy providers can sound like a hassle - but fortunately it's pretty straight forward to change supplier - and save lots of cash
Shop around – If you’re on an SVT deal you are likely throwing away up to £250 a year. Use a comparion site such as MoneySuperMarket.com, uSwitch or EnergyHelpline.com to see what deals are available to you.
The cheapest deals are usually found online and are fixed deals – meaning you’ll pay a fixed amount usually for 12 months.
Switch – When you’ve found one, all you have to do is contact the new supplier.
It helps to have the following information – which you can find on your bill – to hand to give the new supplier.
- Your postcode
- Name of your existing supplier
- Name of your existing deal and how much you payAn up-to-date meter reading
It will then notify your current supplier and begin the switch.
It should take no longer than three weeks to complete the switch and your supply won’t be interrupted in that time.