Following three separate announcements that UK energy giants, British Gas, SSE and Npower, are to raise their prices by up to 11 percent, it appears likely that Scottish Power, EDF and Eon will soon follow suit. While the price hikes likely increase the total cost of energy by £136, there are ways to save money to beat the onset of the dreaded increases such as:
Switching to a fixed-price tariff
This is by far the most widely offered way of decreasing your total energy bill. Despite the fact that the likes of Npower and British Gas and SSE are moving swiftly to withdraw their most inexpensive fixed-price tariffs, you can still find a good deal – you just need to act quickly in response!
The leader of the UK Labour Party, Ed Miliband, has called for energy prices to be fixed for the next few years in response to what he and his party say are unacceptable price increases from energy providers. In fact, Miliband has been in the news recently for changing his energy provider to of the smaller energy providers, First Utility, amid reports that he was ‘stung’ by a huge £1000 energy bill.
This is – for now – is a great way of saving money on your energy bill as the Big Six energy providers continue to announce price hikes and simultaneously withdraw their most attractively priced fixed tariffs from a sale.
Experts are predicting that the deals provided on fixed rate tariffs from smaller energy providers will also be withdrawn from sale as wholesale prices continue to rise. If you act now, you should be able to find an energy company offering a tariff that could allow you to fix the amount you pay in energy for up to four years!
Installing solar panels
The cost of installing solar panels is around £8000, which might seem like a lot of money, but when you consider that the use of solar energy could, in fact, save you £800 on an annual basis, and could even make you a profit under Government-sanctioned energy efficiency schemes.
Being more energy efficient
There are a number of ways to do this, and by doing so you will undoubtedly save money on energy usage. One of the simplest ways of being more energy efficient is to turn off lights in rooms that are not occupied. This will undoubtedly save at least a little on your bills, you could even try: taking your television off standby, ensure that your house is adequately insulated, fitting energy saving light bulbs and buying an energy-efficient boiler for your house, which can save you over £300 per year. Obviously, some energy efficient products can be expensive and for this reason, switching to a credit card that offers 0% interest is a great way of being able to afford a boiler.