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The energy price cap is the limit on annual cost of energy bills for consumers, determined by the cost to provide energy for suppliers. Due to the increase in wholesale gas prices, the UK Government has recently announced that on 1st October 2021 the energy price cap will be increased by the highest amount since it was introduced in 2019.
This means that most people are likely to see an increase in their energy bills, of around £139 per year. Therefore, it is important to prepare for this change to prevent your finances getting out of control. That’s why we’ve gathered some useful tips on how to reduce the cost of your energy bills so that your monthly budget is not impacted, and you could even save money!
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Follow these tips to reduce the cost of your energy expenses:
The rise in the energy price cap will only affect you if you are on a prepayment meter or a default tariff – get in touch with your energy provider to find out what the best option is for you now that the changes are coming into effect.
The most cost-effective energy deal is usually a 12-month fixed-term contract so look into switching to this package if you’re not already.
At the moment it is unlikely that switching energy provider will save you money as there will be a widespread hike in prices and there are very few deals being offered at the moment.
Try to take baths instead of showers, at least once a week, to reduce your warm water consumption.
Also, save up to £30/year by only filling the kettle with as much water as is needed at that time to avoid heating water unnecessarily.
Don’t waste money heating rooms that you do not use – it is very unlikely that you will need to heat your entire house at once.
Try to think about whether you could avoid using certain rooms to save money heating them.
Be sure to turn off the lights in any rooms that you aren’t using and make a habit of checking all the lights are switched off before you leave the house.
Think about swapping to LED lights throughout your property as they are much more energy efficient.
Be sure to turn off and unplug electrical appliances when they are not in use because this will drive up your energy bill.