Money Saving Tips: Reduce Your Energy Bills

The latest inflation report from the Bank of England predicts energy bills are set for another rise, and are the driving force behind the rising cost of living.

The Bankís governor, Mervyn King, warned inflation could hit 5% this year as economic growth is yet to make an impact.

As reported on the BBC, the Bank readjusted their expectations for economic growth this year from 2% as predicted in February, to 1.75%.

Gas and electricity prices are expected to rise further this year, making it even harder for British households already struggling with the last batch of hikes in March to meet these costs.

According to the report, gas prices could rise by 15 percent and electricity by 10 percent, making it harder than ever before for Brits to warm their homes.

If you struggled last winter to meet your energy bills, and are concerned about how another price hike will affect your ability to heat your home, take a look at these money saving tips.

Energy Saving Light Bulbs

There are special light bulbs on the market which are more economical than general ones, so the next time a light bulb goes in your house, make sure you have one of these energy saving ones to hand.

With the cost of electricity set to rise, small changes like these can make a real difference to the size of your energy bill.

Switch off Gadgets not in Use

To ensure you do not use electricity just for the sake of it, it is important you are careful with the gadgets you use in your home and do not leave laptops and TVs on standby.

All the adverts tell us to do it, but everyone at some point is guilty of leaving these items on when they are not in use.  If you get into the habit of only having them on when you use them then this will save you electricity.

Again, if you are in one part of the house, make sure lights are not on in rooms no one is sitting in, as this is a waste of electricity.

Smart Meter

E.ON recently announced their decision to distribute one million smart meters to British households to give consumers the ability to reduce their energy bills.

These smart meters mean consumers only pay for the energy they use, and prevent the likelihood of people receiving estimated and inaccurate bills.  This means consumers are not over or under charged, so they do not need to worry about ending up unexpectedly in debt to their energy provider.

Switch Energy Provider

If you cannot afford another price rise on your energy rates, then it is advised you look for a fixed rate.  This will protect you from any price hikes until the expiry of your policy.

Usually the best deals can be found online so when switching provider make sure you apply this way, and opt to receive your bills via email, as many providers offer a discount for this.

Some comparison websites offer consumers cashback for using their service to switch provider, so if you have found a good deal, ensure you apply this way to make the most of the benefits on offer.


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