How to Save Money on your Gas and Electricity Bills

How to Save Money on your Gas and Electricity Bills

Gas and electricity prices are constantly rising year over year, and it will be some time before renewables can cut rates through increased efficiency

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Gas and electricity prices are constantly rising year over year, and it will be some time before renewables can cut rates through increased efficiency. If you feel that you are paying too much for your energy bills, you’re probably right, this Is because you could be saving hundreds of pounds per year.

Switch suppliers using an energy comparison site

One of the smartest ways to save money on gas and electricity is to compare and switch suppliers. You can easily do this through the use of an energy comparison site such as Utility Saving Expert. Simply enter your postcode, select whether you wish to compare gas, electricity or both, and a few details about your current usage and you’ll be able to view the best deals available on the market. The whole process has been simplified and your new energy supplier will take care of the switch for you. However, there’s more to saving money than just switching.

According to industry regulator, Ofgem, the average household can save £300 each year by switching gas and electricity suppliers. Some households could even save a lot more. Bills don’t have to be expensive, and you should consider taking advantage of the following tips to cut down your costs.

It doesn’t matter if you own or rent your home, you can still switch, as long as you are responsible for paying the gas and electricity bill. If you are renting and your landlord pays for the bill, they will have the right to choose the energy provider. Check your tenancy agreement for details as there may be a clause included within it surrounding switching. However, if you are responsible for paying for your energy usage, the decision will be yours.

Prepayment meter customers

Customers who are on a prepayment meter should also be able to conduct a switch, this is still the case for those who have a negative balance of up to £500 each on gas and electricity with their existing supplier. Although, if you’re not on a prepayment meter, any outstanding balance will need to be paid in full before you are allowed to make the switch. Anyone who’s not at fault, in the case of a provider making a mistake, will not be required to pay.

Paying your bill by direct debit can also save you money. This method is usually cheaper and you won’t have to think about missing a payment as it will be taken care of automatically. This will also prevent you from incurring late payment charges.

Although it may sound rather obvious, using less energy can also help you reduce your monthly bill. There are a number of effective ways that you can use to lower your power consumption. Here are some of the most common examples that you may come across:

  • Install a modern energy efficient boiler
  • Consider installing solar panels to generate your own electricity
  • Use a smart thermostat to automatically adjust the temperature
  • Lower your indoor temperature by one or two degrees
  • Turn off all electrical appliances that are not in use
  • Replace old light bulbs with modern energy efficient LED bulbs
  • Improve your loft and wall insulation
  • Consider double glazed windows to retain more heat

The more options you’re able to implement from the above list, the more you’re likely to save. Combine these with a new supplier and/or tariff and you’ll be on your way to cheaper bills in no time.

Switching suppliers is now easier than ever and the whole process shouldn’t take longer than 21 days. Your power supply will not be interrupted at any point. The only difference will be lower rates and your new provider sending you your bills. Here’s what you’ll need before comparing and switching:

  • A recent bill or annual energy statement – this will include your current tariff and the amount of energy you consume
  • Your bank account details
  • 15 minutes of your time

Once you have entered the above information into an energy comparison site such as Utility Saving Expert, you will be presented with a list of options to choose from, which can be filtered by price. You’ll now need to select a supplier you’re happy with, click ‘confirm’ and enter your customer and payment details. Your new provider will manage the whole switching process for you, the only thing you need to do is provide an up to date meter reading. Your previous supplier will also send you your final bill. Congratulations! You’re now done, you can sit back and relax, the transfer will take up to 21 days.

Anyone who is eligible for the Warm Home Discount scheme, should make sure that the supplier they are switching to offers this initiative. A full list of participating suppliers is available on the government website.

By switching energy suppliers and increasing your home’s energy efficiency, you’ll be able to maximise the amount you can save.