Money saving expert Martin Lewis has urged households to consider switching to a fixed energy tariff before April 1, when the energy price cap is set to fall by around 7%. Speaking on ITV's This Morning, Lewis explained that locking in a deal now could offer protection if prices rise later, adding that those who are 'risk averse' may want to fix their rate so bills cannot go up.
Lewis noted that only a small number of fixed deals are currently cheaper than the price cap. He said the cheapest fixes available to many households are now around 7% cheaper than the cap, although two weeks earlier deals were roughly 14% cheaper. He warned consumers that not every deal appears automatically on comparison websites, as many sites hide tariffs that do not pay them commission.
Lewis advised using a comparison site that shows the 'whole market' or ticking a box that says 'show all tariffs'. 'You might find a fix that's cheaper than the price cap,' he said in a clip shared on TikTok. He added that if someone is worried about future increases, locking into a cheaper fix now could be the 'safe thing to do'.
The energy price cap, set by Ofgem, limits how much suppliers can charge for each unit of gas and electricity for customers on standard variable tariffs. From April 1, the cap for a typical household paying by Direct Debit will drop to about £1,641 per year, down from £1,758 between January and March. However, Lewis warned that energy markets remain unpredictable, and if wholesale prices drop quickly, cheaper fixed deals could become available later.
Ofgem data shows millions of households remain on standard variable tariffs linked to the cap, meaning their bills automatically change whenever the cap is updated. Lewis said the key is deciding how much risk you are comfortable with, and for those wanting certainty over their energy costs, switching to a cheaper fixed tariff before April could provide peace of mind.
