Martin Lewis: Energy Price Cap can be avoided with this one fixed rate, expert money saving tip - finance news

• Ofgem is expected to announce a 5% increase in April, adding £85 to the average household bill
• Many suppliers have pulled their one-year fixes ahead of the new Price Cap announcement
• But Ecotricity is still offering a fixed tariff, currently 6.8% cheaper than standard rates
• The Ecotricity deal is likely to be around 13% cheaper than April’s new cap
• The deal could be pulled at any time, so switching now may help avoid rising costs

Martin Lewis has warned energy customers that time is running out to beat the upcoming Energy Price Cap increase.

Ofgem is expected to announce a 5% April 2025 rise in the average household energy bill, pushing costs up by £85 to an estimated £1,823 per year. The regulator will confirm the new cap for April to June on Tuesday, February 25.

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As a result, nearly all of the cheapest one-year fixed energy deals have already been withdrawn ahead of the official announcement. But Lewis and his Money Saving Expert team have identified one last remaining fixed deal - offered by Ecotricity.

This tariff is currently 6.8% cheaper than existing variable rates and is likely to be around 13% cheaper than the upcoming April Price Cap, so acting now could provide a crucial financial buffer against rising costs.

How switching to Ecotricity now could save you money

By locking in a fixed tariff with Ecotricity, customers can protect themselves from the expected price hike in April and beyond.

That’s because while variable rates are set to rise, fixing your energy costs now ensures you won't be hit by sudden increases.

Based on current predictions, those who switch now could be paying significantly less than those remaining on standard tariffs when the new cap takes effect.

With most cheap fixed deals already pulled from the market, this could be the last opportunity to secure a better rate before prices rise. If you're considering a switch, acting sooner rather than later could mean substantial savings over the next year.

Note: All information in this article is correct at the time of writing. However, there is a chance that Ecotricity’s deal could also be withdrawn ahead of the price cap increase. If you're interested in switching, it's best to check availability as soon as possible.

Have you considered switching energy providers, or are you sticking with a variable tariff? We’d love to hear your thoughts! Drop a comment to share your plans, ask questions, or let us know if you’ve found any other great deals.