Finance guru Martin Lewis has warned people in the UK about switching energy providers ahead of the price hike next year.
The Energy Price Guarantee, which currently sits at £2,500 for the average household, will be extended from April 2023 - but will rise by 20 percent to £3,000.
In light of this, many people may be considering changing to a different energy company to get more from their money. But on Martin Lewis' Money Show, he warned that there was "no point" doing this when someone called in to ask.
"It would be wonderful if you could but there are no fixes. There are no cheaper deals," he said on the ITV programme, Wales Online reports.
"There are no meaningfully cheaper tariffs that you can switch to. There is nothing you can lock into to prevent yourself paying more or paying more in the future. We now live in a non-competitive, regulated-price energy world.
He continued: "Those are the prices you will pay unless the price cap drops. And I think for the foreseeable future I don't see switching tariffs coming in. Maybe towards the end of 2023, maybe at the start of 2024."
Because the price of energy is now so high, the Government has capped the maximum amount they can charge below the natural market price - meaning there isn't much difference between different companies.
This unfortunately means that a cheaper deal may not be available for another 12 months.
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