How to save money on gas and electricity

Switching energy firms “used to be the top tip to save money”, said The Sun. To make sure you’re getting the best deal avoid these four “energy cons” as firms try to trick you into paying more: estimated usage, different names for standard tariffs, hiding variable tariffs, and fixed deals. 

Some fixes are cheaper than the predicted October price cap, but the ones worth considering are “few and far between” with most deals for existing customers only, said Martin Lewis on MoneySavingExpert.com. He added that there were no open market fixes worth switching to unless customers were willing to pay over the expected increase for “price certainty”. 

Lewis said that if you factor in future price predictions and more energy use over the winter, customers on average will be paying around 96% more over the next year for energy bills than they do now. If a customer is offered a fix at no more than 95% above your current price-capped tariff it could be “worth considering” if customers value “budgeting certainty”. 

But he warned that his calculations were only estimates and that energy prices remain uncertain, adding there was nothing wrong with “playing safe and sticking on the price cap” for most customers.

He advised those struggling to pay energy bills to contact their gas and electricity provider as soon as possible.

Energy saving tips at home 

With a “big chunk” of family budgets being spent on energy bills, “it makes sense to look for ways to reduce the amount of gas and electricity you use”, said Mehdi Punjwani on MoneySuperMarket. An average home of four occupants now uses 13 electronic appliances compared to just four in 1990. However, despite owning more appliances there’s “still a lot you can do to reduce energy consumption – and save money”. Punjwani’s top ways to save energy at home include: 

• Turning off standby appliances
• Install a smart thermostat to make heating more efficient
• Turning down your thermostat
• Buy efficient appliances
• Install a new boiler
• Wash clothes at a lower temperature
• Be smarter about water
• Invest in double glazing
• Draught-proof your property
• Insulate the roof
• Monitor your usage

Cost-effective ‘hacks’

Norton Finance has ranked six energy saving home improvements to reduce bills, the Daily Express reported. Mid-terrace households could save nearly £5,500 on fuel bills within five years if they use these cost-effective “hacks”: draught-proofing, roof insulation, wall insulation, boiler upgrade, and double glazing. 

One hack is to buy a £3 roll of self-adhesive draught-excluding tape to “block up unwanted gaps around windows, doors and chimneys that let cold air in and warm air out”. Doing this could save around £370 after five years.

Rhiannon Philps, a financial writer for NerdWallet, also shared her top tips for saving energy and reducing fuel bills. “Now is the time to make those changes that could help to cut your gas and electricity bills,” Philps said. “While you can’t do anything to lower the cost of energy, you can reduce the amount you use in your home to save money and help the environment at the same time.”

Included in her 42 top energy-saving tips are: 

• Don’t charge your phone overnight
• Boil the kettle once for the water you need
• Consider using a pressure cooker
• Only heat the rooms you’re using
• Use natural light
• Get an energy-efficient external door

Article source: https://www.theweek.co.uk/business/personal-finance/55674/energy-prices-how-to-save-money-gas-electricity