A Few Simple Habits To Help Save Up To £375 On Energy Bills

Along with rising food and fuel prices, increases in mortgage interest rates and inflation in August at 9.9%, many thousands of UK households are struggling, or fear that in the very near future, they will be unable to make ends meet.

Despite a fuel price cap being announced, energy bills are soaring, mortgage interest rates are on the rise and many are worried that they may need to choose between food and heating this winter.

October is when we’ll see the newly increased energy prices introduced in the UK leading to a squeeze in income for millions of us.

The rise in wholesale gas prices means that the electricity price cap set by industry regulator Ofgem will also rise. The system was introduced by Theresa May back in 2019 and placed a temporary cap on standard variable in a bid to maintain affordable prices for gas and electricity.

However, this price cap is now being adjusted quarterly and is expected to be raised to £4,266 annually early next year. That’s more than double the current £1,971 cap that was set in back in April 2022.

The analysts at BestBrokers looked into the power consumption of some typical household appliances with the aim of being able to identify easily actionable ways that families can help to reduce their energy bill over autumn and winter.

Ways to Save Money on Your Energy Bills

In order to reduce electricity bills we can look to common household appliances that draw a lot of energy. One of the easiest ways to save energy is by unplugging the appliances when they are not in use rather than leaving things on standby.

According to the UK-based Energy Saving Trust, we can save around £55 (£45 in Northern Ireland) a year if we turn the appliance or device off its standby mode.

Make sure that lights are turned off when you don’t really need them, make sure your home is well insulated and consider installing an energy usage monitor.

Opting for energy-efficient appliances is also smart in the long term, although appliances with higher energy ratings can be more expensive. Energy efficiency classes range from A to G, with those rated A being the most energy-efficient whilst F and G rated products will use the most energy to run, which could make them more expensive in the long term.

Other methods for reducing energy bills include washing clothes at lower temperatures, avoiding the tumble dryer altogether, and using the dishwasher only when it’s full.

Methodology

The displayed annual energy savings tips are for a typical three-bedroom home in England, Scotland or Wales that uses gas heating. Savings are calculated based on a gas price of 7.4p/kWh and electricity price of 28.3p/kWh (per April 2022 price cap), while water savings use average occupancy. The numbers for Northern Ireland use an oil price of 9.2p/kWh and an electricity price of 30.9p/kWh (as of July 2022).

SOURCE: BestBroker

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