Martin Lewis shared his top tip to beat the energy price cap and save hundreds on household bills.Source: The Martin Lewis Money Show Live, ITV
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00:00 Over the next year you're going to be paying, if the predictions are right, 17% less than you do right now.
00:06 Which brings me on to what tariffs are there out there. Let's bring this up. You following me?
00:11 Good. Good. So, first of all, easy winner.
00:15 Everyone, or almost everyone, can beat the price cap by 3% because the E.ON Next Pledge is a variable tariff,
00:22 existing customers, or you can switch to it on direct debit, and it is 3% below the price cap.
00:29 So, if the price cap drops, it drops. If the price cap goes up, it goes up. But it's always 3% cheaper for a year.
00:36 So it's an easy, simple win, I would say. If you do want to leave it within the year, by the way, you pay £25 per fuel early exit penalties.
00:44 So if you're going to stick on the cap and you're happy to go to E.ON, and you've got a smart meter and you're on direct debit,
00:50 so there's a few qualifiers there, it's a no-brainer because it's just 3% cheaper.