Millions of Brits are seeking new ways to save on their expenditure, before Ofgem’s energy price cap rises once again in October.
Energy bills are set to rise once again this winter, before soaring further after the turn of the year according to experts at Cornwall Insight, who predict that the average UK household will have to fork out £4,266 per year on home fuel from January.
And as Britons see a cost of living crisis bestowed upon them with no end in sight, people are looking for ways to reduce their expenditure – particularly in the gas and electricity department, which grows more unaffordable by the day.
The Daily Express have recently reported on two simple hacks that UK residents can use to reduce energy usage and in-turn save money, with a sum of up to £970 each year to allegedly be retained.
With the cost of energy units dominating headlines up and down the country, more bad news this week emerged – with experts at Cornwall Insight expecting things to worsen substantially. The average UK household is already struggling to heat their homes since the energy cap increased by 54 per cent in April 2022, the largest annual increase on record since 1970.
Some have been calling for fellow billpayers to cancel their direct debits completely, in a surge of protests over skyrocketing costs, but personal finance experts have warned against this, with the results potentially landing customers in hot water.
While many will have exhausted money saving tips completely, by taking on board advice from countless experts – there are still a couple which you may not have heard of. One way to make substantial savings is by having a smart meter installed, linking it to your mobile device so it can be accessed in a fool-proof manner.
Some users have seen reductions in energy expenditure of around 25 per cent, by simply installing the user-friendly Hugo app.
Founder Ben Dhesi said: “Energy prices are showing no signs of going down any time soon, so there needs to be a way for households to be more engaged with how much energy they’re using so they can save money. The UK government attempted to get households more engaged with their energy usage by rolling out smart meters with ‘In Home Displays’, and my previous work made me realise how powerful smart meter data really is when you engage with it.
“But the truth is – who is really regularly checking their smart meter? Unless you’re standing right next to it, you won’t go out of your way to have a look.”
He continued: “Direct debit customers paying default tariffs saw their annual electric bills rise from £1,277 to £1,971 per year in April, based on average usage. We’ve seen savings of up to 25 percent – that’s £490 per year saved on electricity alone for households spending around £1,900 annually.”
Another tip that experts have is to swap out a oven for a slow cooker – with savings in the ballpark of £480 a year to be had. Research shows that slow cookers use less energy than ovens, despite being left on for longer. The result of which is typical family savings of £40 per month.
GoCompare Energy asked people what they are doing to save energy:
- Turning off lights when they leave the room – 64 per cent
- Turning off appliances when they’re not being used or in standby mode – 54 per cent
- Not filling the kettle to the top – 45 per cent
- Washing clothes on a lower heat setting – 39 per cent
- Taking shorter showers – 36 per cent
- Changing light bulbs to LED bulbs – 28 per cent
- No longer using the tumble dryer – 24 per cent
- Making the house more energy efficient – 19 per cent
- Going to bed earlier – 18 per cent
- Using the slow cooker instead of the oven – 17 per cent.