Martin Lewis urges all households to act now to swerve 'rip off ' energy bills

As the chillier weather starts to bite, we're all beginning to fret about cranking up the heating that bit more, with the thought of soaring energy costs weighing heavily on our minds. But, if you're hunting for ways to bolster your savings and slash those energy bills, fret no longer, as Martin Lewis has dished out some vital expert guidance.

If you're determined to defeat "rip off" bills this winter, the Money Saving Expert insists you need to consider taking action now to make a real impact on your finances. Martin recently discussed the subject on the Martin Lewis Podcast, with a snippet later posted on TikTok to help people maximise their money.

It's something countless people will want to get wise to as they'll be firing up their heating far more throughout the coming months. This follows Martin putting to bed the argument over whether you should keep your heating running all day long.

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Martin declared: "The only way you're going to be able to save on your energy bills right now is if you take action. We now know that on October 1 the energy price cap is going to rise by 2%.

"That means we know what you're going to pay on the price cap until the end of this year, and it isn't good. In fact, it's a pants cap. Two thirds of homes in England, Scotland and Wales are on the price cap. Basically, that's you, if you're on your firm's standard tariff.

"If you're not on a fix, if you're not on a special deal, you're on the bog standard 'do nothing' tariff, you're on the energy price cap, and it isn't good.

"The cheapest fix is where you lock in a rate - you know what you're going to pay for the next year - [and it's] 13% cheaper than the October price cap. So you know you can save instantly, and will save until at least December."

Martin went on: "Now these are the predications for after December on the price cap, and they do change. It is a bit crystal ball gazing.

"It'll drop 2% in January, so putting it back to what you're paying right now, but then it's predicted to go up by about 5% in April and up again next July. If those predictions are right, you will save massively by being on the cheapest fix, so don't sit on your hands, and just let the price move up in October."

His guidance to consumers is to ditch the "pants cap," as he dubs it, and switch to a comprehensive market comparison service to secure the most affordable fixed rate available. Martin emphasised it's crucial that you take action, as costs will differ based on your location and energy consumption.

This guidance "should work for virtually anybody", the expert claimed, unless you possess an "old-school", non-smart, prepayment meter. This is everything you need to understand about navigating the upcoming autumn and winter period.

Since the guidance was posted, more than 14,000 people have watched the video and hundreds have weighed in with their thoughts. Many expressed gratitude to Martin for the incredibly useful tip.

One viewer commented: "I'm already on £400 a month in winter. I've been on £140 in summer, and not had my gas on once."

Another responded: "I hope there's something we can think of to stop these cap rises." A third chimed in with: "I love Martin - he's always stressed for us."

Meanwhile, a fourth also noted: "I'm so glad I took Martin's advice earlier this year, and fixed my bill for 12 months."

What is the energy price cap?

If you're uncertain what the price cap entails, it essentially restricts the maximum unit rates Ofgem (the energy regulator for Great Britain) permits suppliers to charge for gas and electricity. It serves to shield customers on standard variable tariffs (default tariffs) from steep prices by capping their unit and standing charges.

The cap undergoes review and adjustment quarterly, with these charges coming into effect on January 1, April 1, July 1 and October 1 each year. It is calculated on typical household energy consumption, but doesn't set a fixed total bill, as the ultimate cost depends on how much energy you actually use.