A savings expert has revealed five tips that could save you £500 yearly on a typical energy bill.
Ranvir Singh stood in for Lorraine today on her ITV show and she was joined by a savings expert, who shared some tips on how people could save money amid the cost of living crisis. There was a study done by ITV and other broadcasters which revealed five ways people could cut a huge chunk off their energy bills each year.
The Energy Price Guarantee “freezes” bills for the typical household at £2,500 a year. Millions of UK households are also set to be hit with a surprise rise in energy bills after Christmas as Ofgem will update its price cap from January 1.
Appearing on Lorraine today, the expert shared five handy tips.
The first one is “using the thermostat and timer to take control of your heating settings could save you around £150,” as the expert added: “You’ve got to keep the temperature above eighteen degrees so particularly if you’re elderly or disabled.”
Another tip was reducing your combi boiler temperature to 60 degrees centigrade could save you around £100.
“Don’t put it below 60 degrees, that can cause problems,” the savings expert warned.
Other tips include installing a water efficient showerhead or having showers in four minutes, which could save you around £90 as well as turning down radiator valves in less used rooms, which could save you around £70
Draught-proofing your doors, windows, chimneys and floors is the most important and could save you up to £215.
“This is the real big saver. Curtain over the front door is a popular thing I’ve seen online, all those things added together can save you serious money which is needed more than ever now,” the expert added.
Households are currently covered by the Energy Price Guarantee, which has “frozen” the average bill at £2,500 a year – although this isn’t an absolute cap on what you could pay. Average prices will stay the same but you may see a slight difference in the rates you pay because there are regional differences in the Ofgem price cap rates.
“The energy price guarantee was meant to guarantee prices until the end of March – when we know the cost people pay will increase by 20%,” Martin said, “So it will come as a surprise to many to see prices change in January. It is disappointing to see more substantial increases, with some on prepay meters seeing rises of 1% which include most of the poorest in society.
“I have already been in touch with the Department for Business, Energy and Industrial Strategy to ask if this can be looked at, as it does not seem fair. The bump up for those who pay in receipt of bills takes the premium for paying that way to more than 10% over direct debit. While many like the extra control, it’s important to be aware that with typical bills from January, you’ll pay £260 a year.”