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Easy ways to save money on energy bills
Though bills are typically lower in summer regardless, the price cap is forecast to rise again in October, making this an ideal time to sort out your home’s energy efficiency if you haven’t already.
There are some simple things you can do now to stand you in better stead for when temperatures drop.
Get your boiler serviced
Getting your boiler serviced once a year is a good way to make sure it’s running as efficiently as possible. Many people won’t be thinking much about their boilers during the summer months, but it can be a good time to book a service – some engineers may be less busy, and may even offer “off-peak” prices.
What’s more, if something is found to be wrong with your boiler, you won’t need to worry about bringing in energy-guzzling electric heaters should you need to switch it off for repairs.
Sort your insulation
A quarter of heat is lost through the roof of an uninsulated home, whether you live in a tiny cottage or a sprawling mansion. Installing loft insulation only costs between £400 and £1,200 for the average house and should pay for itself many times over in its 40-year lifetime, something well worth considering while bills remain high.
Should I buy a fixed-tariff deal?
Before the energy crisis, households were used to shopping around for competitive fixed-price deals.
However, the energy crisis upended the market, leaving variable rates governed by the price cap as the only viable option. Fixed rates became so expensive that providers stopped offering them altogether.
However, as wholesale prices have cooled, a number of fixed-rate deals have come on the market after years of being unavailable.
Myron Jobson, of analyst Interactive Investor said: “The fall in energy bills could prompt a much-needed return of decent competition in the energy market, with competitive fixed-price deals overdue for a comeback.
“However, suppliers might not be in a rush to offer more competitive deals, and any return of competition to the market is likely to be slow.”
Gareth Kloet, of comparison site GoCompare, said the change in price cap was a good opportunity for households to assess whether they were paying a competitive rate for their power use.
He said: “If you are thinking about switching your energy deal, consider whether you will have to pay any early exit fees if you leave before your current deal is up. Looking at all of your options on a comparison site is an effective way to see which options are available to you at the moment.”
Energy providers have ramped up exit fees in recent years, meaning that a household looking to ditch an unfavourable rate will likely pay £150 – £75 per fuel.
Several providers have introduced fixed rates that are significantly cheaper than the current cap, but such fixes may end up costing consumers more in the long run.
Will Owen, Uswitch energy expert, said: “If you’d prefer to avoid the uncertainty of rising costs in winter, now is a good time to think about taking a fixed energy deal, which would let you lock in rates while prices are cheaper.
“Fixed energy tariffs are the cheapest they’ve been since summer 2021 and there are some great value deals currently worth considering.”
