MENU

Save £300 On Your Energy Bills In 4 Easy Steps

With winter fast approaching, energy costs are likely to become a much bigger proportion of our outgoings in the months ahead.

While the cost of energy may have stabilised somewhat in recent months, it is estimated that the average annual dual-fuel bill still stands at £1,264 which, at a time when wage rises are only just beginning to exceed inflation, has put considerable pressure on household budgets.

With that in mind, here are four easy steps that, when combined, could save you up to £300 per year on your energy bill!

Hive

With many of us now owning smartphones and the ‘internet of things’ being a high-growth area, it was only a matter of time before a mainstream app came along that could cut energy use. Indeed, Hive (from British Gas) is an app that claims to reduce energy consumption to such an extent that you could save up to £150 per year. And, with the device and app costing £150 altogether, the payback period could be as little as one year.

Hive works by allowing you to control the heating and hot water settings in your home via your smartphone. As such, you are able to override preset programmes remotely and turn the heating down when you are not home, which could prove useful for unexpected errands or if you forget to alter the thermostat before leaving. And, with savings of £150 per year being on offer, it could prove to be well worth the upfront payment.

Energy-Efficient Light Bulbs

With lighting accounting for 7% of the average household’s annual energy bill, switching to energy-efficient light bulbs could prove to be a worthwhile move. Indeed, each bulb is estimated to save around £3 per annum in electricity costs. For a three-bedroom, one-bathroom semi-detached house, this could equate to as much as £24 per annum. Furthermore, if you use LED light bulbs to replace halogen light bulbs, you could save up to £40 per year due to their even greater efficiency.

Direct Debit

As well as being less time-consuming once set up, paying by direct debit can help to cut your energy bills. That’s because most suppliers offer discounts for paying by direct debit. For example, EDF is currently offering a 6% discount for customers who pay via this method, which works out at an annual saving of £75.84 from the average dual-fuel bill in the UK of £1,264 per year.

Gift Vouchers

A fourth way to cut your energy bill is to take advantage of new customer offers available at energy companies. For example, British Gas is offering a £50 gift card to spend at various high-street retailers – simply for switching to a fixed rate tariff. Many of these offers (such as the one at British Gas) are available to new and existing customers, which is clearly positive news.

So, with the Hive app offering savings of £150 per year, switching to energy efficient light bulbs saving £24 per year, paying by direct debt saving up to £75.84 per year, and a £50 gift voucher all adding up to just under £300 of savings, this winter could be a less expensive one than you may have first thought.

Of course, saving money is hugely worthwhile and a step-by-step approach (such as the one above) can really add up to major savings. The same could be true of investing, with a simple, straightforward plan potentially leading to impressive returns over the medium to long term.

With that in mind, the analysts at The Motley Fool have written a free and without obligation guide called 10 Steps To Making A Million In The Market. The 10 Steps are easy to implement and could help you to retire early, pay off your mortgage, or simply increase your net worth.

Click here to find out all about them – it’s completely free and without any further obligation to do so!