How To Reduce Electricity Bills

Saving money is a top priority for everyone these days, with the cost of living crisis rumbling on and showing no real signs of slowing down. 

Unfortunately, it looks like finances may be even more tightly squeezed for many of us this coming winter, with industry regulator Ofgem recently announcing that the energy price cap in place between October and the end of December would rise by ten per cent, compared to that of July to September.

Because suppliers buy their energy from the wholesale market and sell it to household and commercial customers, we see bill increases whenever wholesale prices go up. Because gas is used to generate electricity, electricity bills rise at the same time as gas.

While the price cap is there to protect us and put a limit on what suppliers can charge per unit, it doesn’t necessarily mean that this is the limit that you’ll ultimately pay. How much you're charged for will also depend on how much gas and electricity you use, where you live, what kind of meter you have at home and even how you pay for energy.

A lot of it is naturally out of your control and there’s not a lot you can do about the root causes of these price increases, which include the likes of climate change, increasing demand and geopolitical conflict… all of which have a big impact on fuel prices, making them more expensive.

And, unfortunately, the UK has significantly lower levels of gas storage capacity than elsewhere in Europe, so we have to buy more than other countries do.

The good news, however, is that there’s a lot you can do to reduce your electricity and other energy bills… so here are a few top tips to help you do just that.

Turn appliances off standby mode

You can save up to £50 a year by turning your appliances off standby. This can seem like a bit of a chore, but you can make it easy by investing in standby savers, which cut the power automatically once your appliances have entered standby mode. Job done!

Turn off the lights

This is an obvious one, of course. If your lights aren’t on, you’re not using any electricity. Obviously, we’re going into winter now so daylight hours are reduced, but get in the habit of turning off the lights in rooms you’re not using and you could save cash on your annual energy bills.

Invest in LED light bulbs

Another relatively quick and easy way to reduce your bills is to use LED light bulbs throughout the house. These are significantly more efficient than traditional light bulbs, using less energy to produce the same amount of light.

Update your electrical system

Old and faulty electrical wiring won’t be as energy efficient as modern innovations, so you may want to consider updating the system or having a full electrical rewire carried out at some point to help you save money on your bills.