How to save money on energy bills

How to save money on energy bills

08 Oct 2018

Best way to save on energy bills

Everyone wants a quick win when it comes to saving money. Well, if you’re looking to pocket a little extra cash when it comes to your energy payments we have some helpful tips so you can save more on your energy bills.

The most effective way of saving money on your energy bills is to make sure you actively switch energy supplier regularly. Through regular switching, you avoid being transferred onto a standard variable tariff, which as Ofgem states in their recent 2017 report on energy tariff prices, are often £300 more expensive6.

If you’re of the mind that switching supplier regularly is boring and time-consuming we would have to agree with you! Luckily, our automatic switching algorithm will do all the hard work for you and find you the best deal for free, every year, forever. So if you think it’s time to switch supplier and save on the side, check out how much you can save by automatic switching with Migrate.

You have the power to save money

If you don’t feel ready to switch yet then there are a few lifestyle changes that you can make that will help you save on your energy bills:

  • Always switch off appliances that have been left on standby. Even if you think the ‘red’ light being on means it’s off, your appliance may still be using energy which is costing you money. Always double check and you could save around a further £30 a year.

  • Turn off the tap! Often people use far too much water when it comes to kitchen tasks. So next time you’re doing the washing up make sure to use a washing up bowl rather than running the tap.

  • Control how much electricity you use. Always switch the lights off when you leave the room. Switching the lights off can be a very effective method of saving energy and ultimately a couple of extra pounds.

  • Use energy saving light bulbs. By replacing standard bulbs for energy efficient ones, you could save around 80% each year8.

Home changes that can save you money

Changes to your home can have a big impact on the amount of energy and money you save. The top priority in this instance is to make sure your home is well insulated. Poor insulation can lead to a pointless loss of energy and ultimately more costly bills. The most common areas affected when it comes to home insulation are:

  • Roof and loft

  • Floors

  • Solid walls

Other ways to save money on energy bills

Struggling with ways to make your home more energy efficient? Don’t panic. If you need extra help then get a Home Energy Check done by the Energy Saving Trust. This is a free service that could save you plenty of money on your energy bills. Once the check is complete you will receive a report on changes that could be made that are all relevant to your home.

It is important to know that different tariffs will affect your energy bill too. For example, if you are on a fixed price energy tariff it is common for your bill to fluctuate based on how much energy you use. The ‘fixed’ part of the tariff means that regardless of changes in the energy market, the amount you pay for each unit of energy will not change.

If you are on a fixed price tariff it is important to switch your supplier before your contract expires to avoid being rolled onto a more expensive deal. Some fixed-price tariffs also come with a penalty fee which can be incurred if you don’t adhere to the supplier’s cancellation policy so it’s always best to check if you’re thinking about switching.

If you are on a variable tariff then your energy bills will rise and fall based on the state of the market. But it’s important to know that if energy prices fall then so will the cost of your bills.

Check out how much you can save by automatic switching with Migrate.

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