Many homeowners are worried about the rising costs of energy bills, especially after some of the major suppliers have announced they are hiking up their prices.
As 130 fixed-rate tariffs are coming to an end by June 2018, almost 250,000 people could be automatically enrolled on to default tariffs that will see their energy costs rise substantially.
According to comparethemarket.com, each household can expect to pay an extra £200 a year if they are switched on to these tariffs, as energy companies amass £50 million from this move.
Therefore, if you don’t want to be a victim to extreme energy prices, follow our tips on reducing your bills straightaway.
- Avoid standard value tariffs
If you are one of the customers who can expect their fixed-rate tariffs to end soon, make sure you do not get enrolled on to a standard variable tariff that will cost you a lot more for your energy usage.
Peter Earl, head of energy at the price comparison site, said the best way to avoid these steep expenses is to shop around for alternative suppliers, the Independent reported.
He noted that consumers can save £200 a year by switching energy company, adding: “It is essential that customers take the time to look around for the best deal to avoid being ripped off.”
- Green energy solutions
Instead of relying on huge gas and electricity companies for your energy usage, why not consider greener options?
You could think about a solar PV installation, for instance, which enables you to generate energy from solar panels so you can avoid buying as much electricity from suppliers.
In addition to this, you can actually make money with these installations. The Feed-In-Tariff system pays you when your solar system generates power, with more money being given the more unit of energy it creates.
You could also earn more for the units of energy that are not used up and exported back to the grid. Homeowners could, therefore, receive up to £800 tax-free a year for 20 years by going green.
Another effective way of cutting down energy costs is simply by reducing the amount of heat lost through your home. Installing insulation in your loft and cavity walls is one of the easiest ways to trap heat in the property, so you do not have to turn the thermostat up so high.
You can also reduce draughts by sealing windows, doors, floorboards and pipes, or simply by closing curtains. Some houses definitely feel cold no matter how high the temperature is on, and this is because of uncomfortable draughts, so conceal gaps and you can be warmer without cranking the heating up.
- Turn off gadgets
This is a very simple change, but it is extremely effective. A huge number of homeowners forget to turn off their gadgets at the mains or switch lights off when they leave a room, and the result of this is huge electricity bills.
Make sure you do not just leave your electrical equipment on standby and switch them off properly. Although you might not think it will make a lot of difference, if you have your TV, music player, laptop, games console, DVD player, modem, printer, heating and amplifiers all on standby at the same time as well as unused lights on, you could be wasting a considerable amount of energy – and subsequently, money.