November 21, 2024
Ofgem price rise: Cut energy bill by as much as ‘10%’ | Personal Finance | Finance #UKFinance

Ofgem price rise: Cut energy bill by as much as ‘10%’ | Personal Finance | Finance #UKFinance

CashNews.co

Households can slash their energy bills by as much as 10 percent by making a change they “won’t even notice”.

It could have the possibility of counteracting the upcoming price cap hike, as bills are expected to rise by £146 a year from October—a 10 percent increase from current levels.

Les Roberts, a business energy comparison expert at Bionic, said: “Turning down your thermostat by just one degree is a change you probably won’t even notice, especially as we move into warmer months and could reduce your heating bills by as much as 10 percent.”

He added: “Remember to also adjust your thermostat in relation to the external temperature.”

Mr Roberts shared three other steps people can take before October to make some more energy savings.

He said: “By taking part in an energy audit, you’re ensuring that you know exactly where you are using the most energy in your home and how you can cut this down.

“Similarly, installing a smart meter means you can pinpoint exactly how your home could be more energy efficient. There are no more estimated bills and no need to give your supplier a meter reading, which will save time, money and hassle.”

Secondly, Mr Roberts suggested people reconsider what times of day they use their gas and electricity if they’re on time-of-use tariffs, such as economy seven.

He explained: “Only heating up your home when you need to can be done by simply setting the timer on the thermostat to start the heating at certain times or consider a time of use tariff that offers cheaper rates at certain times.

“On this point, it may also be worth switching to a time-of-use tariff or off-peak tariff, where the price of energy will be lower at times when the grid is under less pressure and demand is lowest, which tends to be between 10pm to 8am.”

Finally, Mr Stevens suggested people look into replacing old appliances. He said: “Older electrical appliances tend to be less energy efficient, so it might be worth upgrading your large appliances, like washing machines and dishwashers if you’ve had them for more than 10 years.

“More efficient models cut the KwH used significantly, so running costs will be much lower and over time, the money spent on the appliance will be made back in savings.”