Energy Prices in The UK: How to Reduce Costs

Energy Prices in The UK: How to Reduce Costs

Energy prices are a hot topic at the moment, but fear not, we're here to help! You can save money on gas and electricity by doing a lot of easy things, whether that's in your home, utilising government grants, or by changing your energy supplier. You might be able to save tens of pounds per month, and hundreds per year! We've written this guide to outline some of the ways you can cut costs.

Changes to make around your home

It might sound pretty obvious, but the less energy you use in your home, the lower your energy bills will be.

There are plenty of tips and tricks you can use to cut your usage, and cut your energy costs. We’ve listed some of them below:

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Switch off standby

You can save around £65 a year, just by remembering to turn your appliances off standby mode. Yes, it's really that easy to make savings!

Almost all electrical appliances can be turned off at the plug without upsetting their programming. You may want to think about getting a standby saver or smart plug which allows you to turn all your appliances off standby in one go.

Check the instructions for any appliances you aren’t sure about. Some satellite and digital TV recorders may need to be left plugged in so they can keep track of any programmes you want to record.

Find out which appliances use most energy in your home.

If you read the Energy Saving Trust’s guide to buying energy efficient appliances, you can get a better idea of which appliances in your home are costing you the most money.

A simple reminder: make sure you turn off the lights!

When you don't need the light, or when you leave a room, turn off the lights. This will result in annual energy bill savings of about £25.

You might be able to save even more money if you switch to LED bulbs for all the lighting in your house.

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Fill your dishwasher

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Only run your dishwasher when it is full to reduce the amount of water you use. Reducing your dishwasher use by one run per week for a year could save you £17 annually.

Get to grips with damp and mould

Many landlords have tales of damp-free homes that are somehow riddled with mould and damp a few months after a tenant moves in. Damp is the most commonly reported complaint about rented homes. The problem not only leads to property damage but, more seriously, is a health hazard that can lead to respiratory concerns. Tell tenants to open windows to ventilate the kitchen, bathrooms and any rooms where clothes are dried. Ensure extractor fans in these rooms work as part of any pre-winter property checks.

Consider using a plug-in electric heater

If you only need sporadic, brief, short bursts of heat while your central heating is off, an electric heater can be a short-term solution. However, we'd like to remind you that electric heaters should always be used with caution!

Per hour, electricity is substantially more expensive than gas. Additionally, our studies revealed that some heaters' thermostats aren't very good, preventing them from providing the desired room temperature.

A more economical technique to heat a small space is to use radiator valves to simply heat the one room you need in your house with central heating.

Optimise your laundry routine

One of our top tips is to dry your on a clothes horse, or outdoors if the weather permits, rather than using your tumble dryer - as tempting as this is! Don't forget to ventilate well and run a dehumidifier whenever it's possible if you're drying clothes indoors to avoid your home becoming damp.

Only run your washing machine when it's full, reduce your use by one run per week (or more if you can!) and wash clothes at 30°C where possible (unless you're washing really dirty clothes) as most washing machines will still do a good job. These steps can cut bills by up to £34 a year.

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Energy Supplier Tips

Consider switching supplier or tariff to save on energy prices

Due to big changes in the energy sector, you won't currently find many energy tariffs on price comparison websites. It would probably be wiser to wait till bargains become available again if you can't locate a better tariff than the one you're currently on. You can compare the difference between fixed and variable tariffs on the British Gas website and keep an eye on the market.

What if your energy supplier has gone bust?

The Citizens Advice Bureau offers advice and actions you can take in the event that your energy supplier company has gone bust. Rest assured, even if this has occurred, you will still have access to gas and electricity.

You are also able to check if your supplier has gone bust, and find out which supplier has taken over your energy supply. You may also have a new supplier if your existing supplier changes the name of their business or is bought by another energy company.

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Fixed tariffs

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If you're on a fixed tariff, your energy prices stays the same each month.

It's typically advisable to stick with your current tariff or supplier through the remainder of your contract, and your supplier will likely switch you to their normal variable rate after your contract expires.

If you're unsure of when your tariff expires, check your bills as contracts often last a year.

The Energy Price Guarantee may make a normal variable tariff more advantageous for you. This limits the prices that gas and electricity suppliers can impose on ordinary variable tariffs.

You can compare costs and switch online if you wish to look at the current pricing. Use a legitimate price comparison site, please. On Ofgem's website, you can discover a list of authorised price comparison websites.

If you're on a standard tariff

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The cost of your energy can go up or down. You might have chosen a standard tariff or your supplier might have put you on it after your fixed tariff ended.

Because of the Energy Price Guarantee, which caps the amount you must spend for energy on a standard tariff, standard tariffs are likely to be less expensive than fixed tariffs. It is advised to refrain from switching from your current regular tariff. Information about energy tariffs and the Energy Price Guarantee is available.

You can compare costs and switch online if you wish to look at the current pricing. Use a legitimate price comparison site, please. On Ofgem's website, you can discover a list of authorised price comparison websites.

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Tips for cutting energy prices with your existing provider

• Choose paperless bills and manage your account online, as some companies charge extra for paper bills.
• Pay by direct debit. This is can be cheaper than paying when you receive individual bills each time it comes to payment.
• Send regular meter readings to keep your bill accurate. However, if you have a smart meter, it will do this automatically.
• Question any direct debit increases that seem too high. Your energy company should be able to explain the changes and your usage and payments should balance out over a year.

Insulate, Insulate, Insulate!

According to estimates from the Energy Saving Trust, based on figures from October 2022, insulating your loft may result in annual savings of up to £590 for a detached home.

A typical semi-detached home may save £355 a year on energy costs by installing loft insulation from zero to a thickness of 270mm. This is because less heat will escape through the roof. It costs £330 a year to live in a mid-terrace home. A semi-detached property costs about £480, so the savings would be recouped in under two years.

In a semi-detached home, cavity wall insulation costs more to install, but can save you an average of £395 annually. You could save an average of £235 a year in a mid-terrace and up to £690 a year on a detached home.

Cavity wall insulation would cost about £395 to install in a mid-floor apartment without a loft, with yearly bill savings of about £180. So, overall it would take about two years to get your money back.

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Change your lightbulbs

It's the age-old tip that most of us have already done! But it's still worth mentioning, because energy-saving light bulbs really can help you to cut your energy bills easily. Did you know that lighting makes up 11% of the average UK home's electricity consumption? So, it truly is well worth considering!

LEDs are the most energy-efficient light bulbs, and use almost 90% less energy than traditional incandescents. CFL bulbs use 70-80% less energy than traditional bulbs.

According to the Energy Saving Trust, replacing a single 100-watt incandescent bulb with an LED one could result in annual savings of £15 pounds. A 50-watt halogen lamp might be replaced with an LED for a £6 annual savings. These smaller savings have the potential to add up to a lot of money annually when you sum up all the lightbulbs in your home!

Remember that energy-saving light bulbs have considerably lower lifetime costs because they last far longer than conventional ones.

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Find out if you are eligible for any financial support or grants

Energy schemes and grants are available to help pay your energy bills or to support you with the costs of renewable heating. These include:

• Warm Home Discount £140 (increasing to £150 in October 2022) mainly to pensioners and those who get certain benefits
• Winter Fuel Payment £100 - £300 per winter for those born before 26 September 1955
• Boiler Upgrade Scheme (launched in May 2022) up to £5,000 to replace your current gas or oil heating with low-carbon heating
• Help with loft insulation and boiler costs from energy suppliers.

Find out what home energy grants you're eligible for. For winter 2022, the government's cost of living help package will also be automatically given to recipients of certain benefits, and a £400 energy bill discount will be given to every household in the UK.

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Be smart about working from home

In this post-covid world, a lot of us are regularly working from home. This puts a bigger strain onto our bills. Laptops typically use 65% less electricity over the course of a year than desktop PCs. Choosing a laptop over a desktop and avoiding leaving the laptop in standby could save up to £45 per year!

Tablets have even lower energy usage – on average, tablets use 70% less power than laptops.

Smart shower habits

By shaving just one minute off your shower time, you could save an average four-person household £312 year, or £207 in electricity costs and an additional $105 in water costs if you have a metre.

Purchase a shower timer to help you stay focused (or just set an alarm on your phone). Oasis Living top tip: choose a 4 minute long song to dance and sing to in the shower instead of an alarm!

Some people even switch the water on and off to wash and rinse. Although that might sound a little excessive, the figures might add up. Additionally, there are the frequently cited health advantages of taking cold showers, but even for us, that is too much.

Follow Martin Lewis’ advice: heat the person (or pet!), not the home.

If you live in a home that tends to be on the cooler side, you might benefit - financially and physically - from wearing warming and insulating clothing. You might consider investing in some thermal underwear, or layering yoru existing clothes for extra warmth. However, many MoneySavers advise using additional heating devices like electric blankets, heat pads, foot warmers, and so forth. Even wearing the right clothes can make a big difference.

Invest in a cosy, warm pair of slippers, and a big bath mat so stepping on the bathroom tiles isn’t too cold.
If you don't already own one of the things listed below, it's also important to consider the upfront cost. The lowest alternative, however, might not always be the highest quality. Before making a purchase, do your own research and read reviews.

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Here are a few of Martin Lewis' suggestions for warming yourself as opposed to your home:

• USB charging heated gloves
• Heated insoles for your shoes or slippers
• USB charging hand warmers, which can be used on the go!
• Electric gilet which can also charge via USB, typically costing around £46 (including battery pack)
• Microwaveable wheat bag
• Everybody's family favourite - a hot water bottle
• Reusable hand warmers
• Electric blanket which is plugged into the mains
• A bigger bath mat will cover much more of your cold bathroom tiles
• A pair of insulating slippers will help to keep your feet toasty

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We can save you a few quid!

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Oasis Living properties are all serviced professionally and regularly to meet a good and efficient standard. We work a lot with our landlords to continually update and improve the efficiency of all of our properties. Find out more on how we can help you improve your property letting experience by visiting our tenant page. We offer great London properties for tenants of all shapes and sizes, with affordable rates and great locations! Plus, you can find out all the latest property tips and tricks on our blog.

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