The energy price cap is set to increase, yet again, in April. Consequently, households around the UK should prepare for higher energy bills. Luckily, there are steps you can take to reduce your energy bills and beat the rising costs. Greg Wilson, founder of Quotezone, has shared his four top tips that could save you up to £1,000 per year!
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4 ways to make big savings on your energy bills
As it stands, lower-income households are expected to spend almost half of their income on energy due to rising prices. Therefore, it is essential that homeowners take measures to cut costs wherever they can.
Greg Wilson has revealed four simple tips that could save you up to £1,000 per year! Even if you’re not eligible for the highest savings, an extra £100 could go a long way! Here’s how you can cut the cost of energy, before the April price surge hits.
1. Make the most of government schemes
Greg recommends researching government schemes that may be available to your household. In particular, the Winter Fuel Payment Scheme could provide you with up to £300 for your heating bills!
The scheme is available to anyone who was born before the 26th of September 1955 and receives either a State Pension or social security benefit. If you’re not eligible for the Winter Fuel Payment, it may be worth conducting research into other government schemes that are available.
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2. Shop around
You could save huge amounts on your energy bills by shopping around for a different provider. In fact, Ofgem says that households could make savings of up to £360 per year by switching their energy provider.
The best way to find a new provider is to use comparison tools. These tools display the rates for several companies side by side so that it is easy to see who offers the best value for money. The cheapest energy providers will vary depending on your location. Therefore, it is also best to research yourself rather than copying what friends or family have done.
3. Energy tax relief
If you’ve been working from home on a regular basis, you may be able to receive energy tax relief. HMRC is currently offering relief of £312 per year that could cut down the costs of your heating, electricity, water and landline bills. To receive the relief, you need to provide receipts as well as proof that you have been working from home. If you are eligible to receive energy tax relief, the money will be deducted from your monthly bills.
4. Optimise efficiency
If you’re not eligible for any schemes, you may still be able to cut down your bills by simply increasing your energy efficiency. For example, energy-efficient light bulbs are a great way to reduce the cost of lighting your home. Alternatively, improving your home’s insulation could significantly cut down your heating bill.
Beating the rising costs of energy is all about being smart with your spending. Daily habits will also play a role in the cost of your bills. Therefore, you should start adopting savvy habits such as turning off the lights in unused rooms and wearing extra layers to cut down on heating use.
