Starting this month, Ofgem has increased the energy price cap by 12%, meaning households will see higher energy bills this winter. This comes after an increase just this past August and a prediction by financial experts that prices are likely to increase again next year. So far, Norton Finance estimates that the average household could see a £150 increase in their energy bills.
For those worried about the impact of the cap increase, Norton Finance has put together some suggestions to cut energy costs. To truly see an impact on your energy bills, it’s probably best to combine a number of energy-saving home improvements.
Some changes require a larger upfront investment but will result in bigger long-term savings. Others will require patience, as you’ll only recoup the costs after several years. But even the smallest and cheapest changes can help you save money.
Look into solar energy
Solar panels installed on your rooftop can significantly reduce (if not replace) the amount of energy you’ll need to buy from utility suppliers. But they’re expensive – and depending on how much sunlight you actually get, it can take years before you recoup the investment.
An easier compromise to save on energy bills is to go for smaller systems that provide energy for a few smaller things. For example, look into getting a solar water heater or outdoor solar lights. These don’t require major structural changes to your home, so they are cheaper to implement but will still save you some money over time.
Draught-proof the entire house
Draught proofing is the cheapest change you can make to lower your energy bills. Start by sealing any gaps around your door and window frames.
Don’t forget your chimney, if you have one, and add a draught excluder at the bottom of your front door. Letterboxes, loft hatches and keyholes are worth considering too.
Insulate, insulate, insulate
If you can only afford to insulate one thing in the house, going for the roof will be cheapest. But insulating your walls will reduce your energy bills even more. Windows with double glazing also provide great insulation and, while expensive, will also save you a lot of money in the long run.
You can even insulate pipes and radiators to reduce heat loss. And you can also wrap a British Standard cylinder jacket around your water tank to insulate it and reduce energy consumption.
Getting help with your energy bills
If you’re struggling financially, there is help available for your energy bills. Before you try anything else, consider switching your energy supplier for a better deal. This is particularly important if you’re currently paying out-of-contract rates.
You might also qualify for ’emergency credit’ if you have a prepay meter and cannot afford to top up. Call your supplier directly or check out the Ofgem website for tips. Your supplier must work with you to set up a payment plan and give you more time to pay if you need it.
Low-income households might qualify for rebates, schemes or grants to reduce their energy bills. And you can always contact Citizens Advice if you need additional support.
Could you be rewarded for your everyday spending?
Rewards credit cards include schemes that reward you simply for using your credit card. When you spend money on a rewards card you could earn loyalty points, in-store vouchers airmiles, and more. The Motley Fool makes it easy for you to find a card that matches your spending habits so you can get the most value from your rewards.
Was this article helpful?
YesNo
About the author
Diana is a writer specialising in debt repayment, savings, and personal investments. Her work has also appeared on MSN Money, Inc. Magazine, and Yahoo! Finance.
Some offers on The Motley Fool UK site are from our partners — it’s how we make money and keep this site going. But does that impact our ratings? Nope. Our commitment is to you. If a product isn’t any good, our rating will reflect that, or we won’t list it at all. Also, while we aim to feature the best products available, we do not review every product on the market. Learn more here. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool UK has recommended Barclays, Hargreaves Lansdown, HSBC Holdings, Lloyds Banking Group, Mastercard, and Tesco.
This post was originally published on Motley Fool
