Consumer champion Martin Lewis has issued an urgent plea to millions of Britons, urging them to act immediately to avoid a massive financial hit on their energy bills.
The Money Saving Expert founder delivered a crucial warning during his latest appearance on ITV's The Martin Lewis Money Show Live. He highlighted a small but significant piece of plastic that could make a dramatic difference to household finances.
The £10 Lifeline You Need Now
Lewis specifically called attention to prepayment meter customers, urging them to purchase an emergency credit voucher before April 1st. This simple action could lock in current lower rates before the new energy price cap comes into effect.
"If you're on a prepayment meter, go out and buy a £10 emergency credit voucher now," Lewis emphasised. "That will sit on your meter and you'll be able to use it after the price change at the current cheaper rate."
Why Timing Is Everything
The current energy price cap means households pay approximately 20p per kilowatt-hour for electricity. However, from April 1st, this rate is set to drop to around 17p - but there's a crucial catch for prepayment customers.
Lewis explained: "The new rates coming in are cheaper, but if you have emergency credit on your meter from the old rate, you can use that cheaper rate. It's about building a buffer."
Who Benefits Most From This Tip?
This advice is particularly valuable for:
- Prepayment meter users across the UK
- Households struggling with energy costs
- Those looking to maximise savings during the cost of living crisis
- Anyone wanting to leverage current rates against future price changes
The Money Saving Expert didn't stop there. He also provided additional guidance for direct debit customers, suggesting they might benefit from not building credit during this transition period due to the changing rates.
Broader Energy Bill Changes Coming
Ofgem's new price cap will see average annual energy bills drop from £1,928 to £1,690 starting April 1st. While this represents welcome relief for many, Lewis's advice helps savvy consumers make additional savings through strategic timing.
His warning comes as many households continue to struggle with high living costs, making every potential saving increasingly valuable.
Martin Lewis concluded with characteristic bluntness: "This is one of those simple tricks that could put real money back in your pocket. Don't wait until it's too late - act now."
