Martin Lewis has urged households not to delay switching energy deals in the hope of benefiting from April’s expected Price Cap reduction.
The money saving expert issued the advice while appearing on Good Morning Britain.
He was responding to a viewer whose British Gas fixed tariff is due to end on January 13.
The viewer asked whether it would be better to switch to a new fixed deal now or wait for the anticipated fall in the Energy Price Cap in April.
Mr Lewis said: “Go on to another fixed tariff.”
Although the Energy Price Cap is forecast to fall by around six per cent in April, the cheapest fixed deals available now are already significantly lower.
Mr Lewis said the best fixed tariffs on the market are around 15 per cent below current capped rates.
Waiting would mean households paying higher prices during the coldest months of the year, with winter is the period when energy usage is typically at its highest.
From April 1, households in England, Scotland and Wales are expected to see their annual energy bills fall by an average of £150.
The reduction was confirmed in the Autumn Budget, with the saving will be delivered through lower unit rates rather than a flat discount.
Martin Lewis has urged households not to delay switching energy deals in the hope of benefiting from April’s expected Price Cap reduction
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GETTY / ITV / MARTIN LEWIS MONEY SHOW LIVEThis means households that use more energy will see larger reductions.
Electricity unit rates are set to fall by 3.54p per kilowatt hour including VAT, and gas unit rates are expected to drop by 0.35p per kilowatt hour.
Mr Lewis said households already on fixed tariffs will still benefit from these reductions.
Energy suppliers have confirmed they will pass on April’s unit rate cuts to customers on fixed deals.
“We’ve now heard from most energy companies, all the big ones, that in April, they will be passing on these savings to people on fixes.”
He said this means fixing now does not prevent households from benefiting from lower prices later in the year.
Several fixed deals currently on the market are priced well below the existing Energy Price Cap.
Outfox Energy’s New Year Fix 2026 is priced at 14.8 per cent below the current cap.
He said that when the Price Cap falls by around eight per cent, the cheapest fixed deals are also expected to reduce by around seven per cent
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He said that when the Price Cap falls by around eight per cent, the cheapest fixed deals are also expected to reduce by around seven per cent.
This would preserve the gap between the cheapest fixed deals and standard variable tariffs.
“You should not be waiting for the price cap to move, because that means you’ll be paying more in the meantime.”
Mr Lewis said households typically use significantly more gas and electricity at this time of year, and locking into a cheaper rate during periods of high usage can lead to greater overall savings.
The advice applies to households whose fixed tariffs are ending as well as those already on standard variable rates
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GETTYThe advice applies to households whose fixed tariffs are ending as well as those already on standard variable rates.
Energy suppliers continue to update fixed deals as wholesale prices change, and so households are advised to check available tariffs carefully before switching.
Mr Lewis has previously advised consumers to prioritise value and exit fee flexibility when choosing a fixed deal.
The Energy Price Cap only applies to standard variable tariffs, with those on fixed deals not subject to the cap, will next take effect from April.