FINANCE

How to Save Money on Your Energy Bills

If you have high energy bills, it can be tempting to view them as something that’s inevitable or just the way things are. However, there are many ways to save money on your energy bills and reduce your expenses significantly over time. If you’re ready to lower your energy costs and live more comfortably in your home, use these tips to save money on your energy bills and keep your household finances in line.

Look at what you’re using

In order to better understand where your energy is going, it’s important to analyze the types of energy you use and the typical times that you use them. For example, do you spend a lot of time at home during the day or at night? The answers can help you identify patterns for how much power your household uses and what sorts of upgrades might make sense for your individual needs.

Shopping around

You can start by researching utility prices, they’re often much higher in some areas than others. Once you have an idea of what you can expect, it’s time to start investigating the different providers that serve your area. You should look at both the cost per kWh and the availability of renewable energy options like wind and solar. Ask the company if they offer a discount for paying monthly, with automatic withdrawal or in one lump sum annually.

Switch suppliers

The easiest way to save money on your energy bills is by switching suppliers. The difference in prices between the cheapest and most expensive suppliers are often more than 20%*, with some households paying as much as £1000* extra over a 12-month period! This means that if you switched, you could be saving up to £200* every year. So how do you get a cheaper electricity or gas tariff? It’s usually just a case of doing a quick online search for the cheapest provider in your area.

Insulate your home

This winter, make sure you invest in insulation. Insulating your home can help save you a significant amount of money on energy bills because the energy you spend to keep your home at an appropriate temperature is reduced significantly. When insulation is correctly installed and maintained, your heating system doesn’t have to work as hard so it will be less likely to break down during the coldest days of winter.

Check air leaks in your home

This is one of the easiest and most efficient ways to save energy. The majority of heat leaks into a home come from little cracks in walls, windows and doors, electrical outlets and pipes that are not properly insulated. If you use caulk or weatherstripping on these spots, you can save up to 20% in your heating bill. It’s also important to make sure your chimney has no gaps so it will be sealed tight. One more thing: when replacing any old windows with new ones, make sure they have good seals so air doesn’t escape through them as well.

Find solar panels

In most parts of Victoria, solar energy is more affordable than ever before. According to EIA data, the average installed cost of photovoltaic cells has declined by 75% since 2010. Additionally, the federal investment tax credit (ITC) has cut prices and lowered the payback period. For many homeowners in warmer regions like California and Arizona, it can take less than 10 years for them to recoup their investment through savings on their utility bills.

See if you qualify for a grant

If you are a homeowner, the Home Performance with ENERGY STAR Program (HPwES) could be an option for you. If you do not qualify for any of these options, there are many other ways to reduce your electricity and utility bills as well. Check out these guidelines from Energy Wise Guys :

– Replace your incandescent light bulbs with compact fluorescent lights or LEDs where appropriate. These use 80% less energy than incandescent bulbs and last up to 10 times longer.

Conclusion

Energy bills are one of the fastest growing expenses in Australia. Fortunately, there are lots of ways to save money on your energy bills without having to switch providers. One way is by switching your light bulbs: simply replace your old incandescent lights with LEDs and you can save up to $15 a year. However, this won’t work for everyone – many people still don’t want these environmentally-friendly light bulbs because they think they’re ugly or they just want traditional light bulbs.

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