This autumn, 15 million households across the UK will see the cost of their energy bills rise by up to £153 when the new price cap comes into effect.
However, although energy bills are set to rise by £139 a year on average from 1 October, you can cut costs right now by following these four simple tips.
- Online energy comparison: find the best deals in your area now
1. Switch your supplier
Across the country, 11 million homes are signed up to standard variable tariffs (SVTs). In October, the price of these will increase by upwards of 12% when the current price cap rises from £1,138 to £1,277.
If you’d like to avoid this price hike, then the easiest way of doing so is to run an online energy comparison and switch supplier today. When you run an online energy comparison, you’ll be shown all the best energy deals in your area from the country’s best energy suppliers. If you choose a fixed-term tariff from this list, then you’ll be able to lock into a great deal for the next 12 or 24 months.
At present, it’s estimated that people who switch supplier can save up to £200 annually. However, wholesale prices are now starting to be reflected in the price of new tariffs. As a result, the sooner you make the switch, the more you’re likely to save.
2. Check whether you’re eligible for help
Most major UK energy suppliers have agreed to offer assistance to those who need it most during the cold winter months. So, if you’re concerned about the spiralling cost of your energy bills, then it’s well worth checking whether you’re eligible for any support from your supplier, a charity or a government initiative. Examples of support available to customers includes:
- Affordable debt repayment plans
- Payment breaks
- Emergency credit (if you’re using a pre-payment meter)
- The Warm Home Discount
3. Follow these energy saving tips
The average household now spends £1,254 on their energy bills. However, by taking some straightforward energy saving steps, you’ll find it easy to save money on this expense.
For example, if you turn off all your appliances at the plug, you will save around £30 a year on your electricity bills. Similarly, if you turn down your heating by just one degree, you could save a further £80 annually. On top of this, installing room thermostats, programmers and thermostatic radiator valves will save you another £75 each year.
4. Invest in green home improvements
Finally, if you’re interested in lowering your energy bills in the longer term, then consider what green improvements you could make to your home. Although many of these improvements will involve an upfront expense, all of them will save you money in the long term and will help protect the planet.
For example, upgrading a G-rated boiler to one with an A rating can save you up to £300 per year, while taking out your home’s single glazing and replacing it with double glazing could save you a further £110 every year.
If you’re really interested in saving the planet and cutting your energy bills, then you could add solar panels to your home. With this change, not only will you save money on your energy bills, but you could even be paid for the energy you generate.
