‘Useful during energy crisis’: Save £426 on bills over two years by making ‘smart’ changes

World News

Martin Lewis warns of the threat of unaffordable energy bills

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Ofgem, the Government regulator for electricity and gas, are expected to announce next month that the energy price cap will rise again on April 1, 2022. Trade body Energy UK has predicted that gas and electricity bills could increase by up to 50 percent in the spring. The energy bill increase is down to the cost of wholesale gas going up and putting pressure on energy companies.

With this in mind, homeowners are looking for ways to save money on their energy bills before the upcoming price hike.

Personal finance experts at Ocean Finance have uncovered three ways to save £426 by switching to a smart home.

While there is an initial cost to install these smart features, in two years, homeowners will have offset the initial cost of installation and also saved money too.

Smart meter

A smart meter could save homeowners £36.93 per year on gas and electricity, according to the government’s Smart Meter Roll-Out Cost-Benefit Analysis.

READ MORE: Oven cleaning hacks: The 2-minute trick you probably didn’t know

Energy suppliers should install a smart meter for free which means homeowners can save money with no initial cost to them.

The handy device could reduce gas bills by 2.7 percent, which is the equivalent of £17.25 each year.

A smart meter also reduces electricity usage by three percent which means homeowners could save £19.68 each year.

Over a two year period, homeowners will save £73.86.

Mrs Hinch fan shares ‘free’ hack for cleaning oven racks [INSIGHT]
Mrs Hinch fans share ‘trick’ to cleaning burnt pans – ‘don’t scrub!’ [UPDATE]
Where to position your houseplants according to gardener Mark Lane [ANALYSIS]

Smart plugs

Britons reportedly waste £80 each year on average by leaving appliances on standby, according to The Energy Savings Trust.

Using smart plugs in wall sockets means homeowners can control power via their phone and can switch off appliances if they’re left on standby.

Smart plugs cost around £59.97 for nine plugs, on average.

However, they should last around 10 years and will save homeowners £100.03 after two years.

Looking for a new home, or just fancy a look? Add your postcode below or visit InYourArea

Smart bulbs

Shockingly, incandescent bulbs cost around £12.40 to buy and power annually while smart LED bulbs cost just £2.05.

Homeowners can save themselves £10.35 per bulb which means a home with 20 bulbs could save £207 every year by opting for energy-efficient lighting.

To buy 20 bulbs, homeowners will have to approximately for out £161.39.

However, after two years they could save up to £252.61.

Adele Kitchen, Content Producer at Ocean Finance said: “Our research has revealed that those who have installed a smart meter and updated their bulbs and plugs to smart versions have saved an average of £426.50 over two years.

“This is extra useful given the recent energy crisis.

“In addition to the financial savings, switching to a smart home can help you become more energy efficient.

“For example, by installing a smart meter, you’ll not only get more accurate bills, but you’ll also be able to see your usage in real-time.

“This will allow you to easily identify how you’re using energy and spot any money-saving changes that could be made.”

Source: Read Full Article