South Wales, UK - How To Save Money On Your Home Energy Bills

UK Households should expect a further sharp increase in their home energy costs in October 2022, with price increases forecast to rise by 46%. As a result, the average annual energy bill could increase to £2,880 from £1,971. That’s an additional £76 per month. As such, It’s time everyone starts looking into ways of saving money on their home energy bills before October.

Why are energy bills on the rise?

Due to supply problems and the conflict in Ukraine, the wholesale cost of fuel has risen sharply in the UK, and countries across the world in the last 6 months. Due to the rise in wholesale costs, this is then passed on to consumers in the form of higher energy bills.

The energy price cap restricts how much a distributor can charge for fallback tariffs and is evaluated twice a year by the regulator. The purpose is to protect customers from significant price increases whilst also reflecting changes in wholesale energy costs. You can see how this affects you here.

After the minimum price was increased by 54 per cent in April 2022, households have already seen a significant increase in their bills, with the average annual energy bill now at £1,971 per annum. Because of this, consumers in the UK are extremely worried as energy prices continue to skyrocket. One of the ways consumers can caution themselves against high energy prices is by using energy more efficiently. But how does one do this at home efficiently without impacting the way they live and the comfort of their home? Here are some of the tips to help save money on energy at home.

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Tips For Saving Money On Your Home Energy Bills

Switch to a cheaper energy tariff

You may also want to consider switching to a cheaper energy supplier and tariff. There are lots of comparison websites that can help you find the best deals out there. You should ensure that you read the fine print so that you understand all the terms and conditions before making a switch. You should also consider a capped rate and work out if this will be better for you in the long run, it may seem more expensive, however, consider the increases in costs that are planned in October of this year and April next year.

Review your energy bills

First and foremost, if you want to save money on your energy bills, one of the best things you can do is review them regularly. Look at how much energy you’re using and compare it to past months or years. This will help you identify any areas where you may be able to cut back.

Request a Smart Meter for your home

Installing a smart meter in your home doesn’t save you money, however, it means you have the information available to you on a daily and hourly basis as to the energy you are using. Keep the smart meter in view and you can see the cost of your energy by day and MTD and see how it increases as you use different appliances in your home. This enables you to make smart decisions about what you can reduce. As an example, reboiling a kettle uses additional electricity which isn’t required, only boil the water you need, and put a lid on a saucepan when you are cooking so it reaches the desired temperature more quickly. These may seem like really small changes, however, these and other small changes will make a difference to your monthly energy bills.

You can read our full tips here.