The rising cost of living has meant many people now face difficult financial decisions. By 2024, utilities will be the second biggest weekly cost for households. Average weekly household spending is expected to reach £705 by 2024, up from £595 in 2021.
To help reduce the impact of rising utility costs, we’ve put together a list of tips that could help reduce household bills.
How to save money on energy bills
Energy bills account for one of the biggest increases in the cost of living. This rise has impacted people across the country, as the amount energy companies can charge was raised in 2022.
We know it can be hard to manage these rising costs – so we we’ve collected tips which may save you money on your energy bills.
Check other providers
Comparison sites might be helpful when looking at the rates of different providers. You might be able to find an energy supplier with cheaper rates than you currently pay.
Standby mode on appliances still consumes energy. Turning the electrical items like the TV, toaster, games console, speakers and kettle off at the plug while they aren’t being used will cut down how much energy they use.
Your kettle is likely to be one of the biggest energy drains in your kitchen. To avoid too much boiling time, only fill the kettle with the amount of water you’ll need.
The side of your kettle should show how many mugs the current amount of water will fill. According to CheckAppliance,only boiling the amount of water you’re going to use could save up to £21.70 per year
Wash on a lower temperature
Reducing the temperature that you wash your clothes on will use less energy. Washing at 30 degrees, instead of 40 degrees, could save you up to £23 a year
Top tip: Lots of washing detergents will work at lower temperatures, so check before you buy.
Switch to low energy bulbs
Energy efficient bulbs use less electricity, which could add up savings across the year. If your home currently uses 100-watt incandescent bulbs, switching to LED could save up to £13 per bulb, every year
Installing a smart meter may not save you energy, but it can give you a better idea of how much you’re using.
Insulating your home can be expensive, however, costing approximately £8,200 to install.If you’re buying a home, it’s worth asking when you view the property whether the walls are already insulated.
Insulate your water tank
Insulating your water tank could save you money every year – for a reasonable cost.
The Energy Saving Trust reports that covering your water tank with an insulated jacket could save up to £35 a year.This is more than the average cost of an insulation jacket (around £20-£25)
Top tip: As well as the water tank, you may be able to cover your water pipes with insulating foam.
Double or triple glazing can help to keep heat indoors. Look out for Low-E glass,which has a thin coating that allows light in, while reflecting heat back into your home.
Draft-proof windows and doors
Try to identify any draughts within your home – then seal them up. Foam, metal or plastic draught strips can be picked up fairly cheaply, then cut into size to prevent air escaping.
Top tip: Thermal curtains over windows and doors is another option for keeping heat in.
It’s common for heat to be lost through your roof as it rises through your home. As long as your roof isn’t flat and it’s easy to access (and has no damp problems), loft insulation might be an option. According to Which? loft insulation could save you up to £315 a year.
Bleed your radiators
Bleeding your radiators – which means releasing air that has become trapped inside – can make them perform better.
Make sure you turn your heating off and that your radiators are completely cold before starting. Then, lay down some towels and use a valve key to loosen the bleed valve. Listen for the hissing sound of air escaping, then tighten it back up once the noise ends.
Reduce your thermostat slightly
Turning your thermostat down slightly will use less energy to heat your home. Even reducing your home temperature by one degree could save you up to £105 a year
The content on this page is for reference and does not constitute financial advice. For impartial financial advice, try MoneyHelper.