Martin Lewis says millions can 'beat' energy price cap and 'undercut it'

Martin Lewis says millions can ‘beat’ energy price cap and ‘undercut it’

Martin Lewis has said “you can undercut it” as he shared a way to BEAT the energy price cap. The ITV The Martin Lewis Money Show star and BBC Sounds podcast host has shared the alert on the day Ofgem’s new energy price cap was announced.

Mr Lewis wrote: “5. You can undercut the Price Cap by 3%. The Eon Next Pledge tariff, which you can switch to, charges roughly 3% less than the Price Cap for the first year. To get it, you need to be on Direct Debit and have or get a smart meter. So if that works for you, and you’re planning to stick on the Price Cap, it’s a no brainer.

“Again, more details on MoneySavingExpert Those are my opening thoughts. Hope they’re useful.” Mr Lewis went on: “Update I now have prices for other payment methods too PREPAY Elec standing charge 60.10p day (55.53p).

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“Elec unit rate 23.72p /Kwh (28.17p) Gas standing charge 31.43p day (33.32p). Gas unit rate 5.82p /Kwh (7.24p) PAYMENT IN RECEIPT OF BILLS Elec standing charge 65.88p day (60.91p). Elec unit rate 25.79p /Kwh (30.12p)

“Gas standing charge 35.21p day (34.97p). Gas unit rate 6.36p /Kwh (7.81p).” A follower replied: “Be interested to hear from Cornwall Insight on why their 15% discount is wrong. Thought it was a backwards looking model and the data was known. 3% doesn’t sound a lot but it’s c.£60 that the energy companies have benefited from. Another back door tax.”

“Essentially an increase, as most will have turned off for the summer now. But a nice headline figure for them,” said another. Mark said: “Still being conned. So generous of them to lower prices in the summer and then raise them in winter. We are being made to feel to grateful for every little price cut that we are losing view of the fact that we are still being massively overcharged for everything.”

Another posted: “To anyone currently with Octopus or looking to join, I would recommend switching to their tracker tariff. Unit rates change daily, but they have been a lot cheaper than both standard and fixed rates for a long while. Below are my rates for today.”