Tony Byrne’s View 5th June 2017

Jun 5, 2017 | Wealth & Tax Blog

Following on from my article in February this year about saving money on buildings and contents insurance I thought it worth exploring the subject of energy cost savings.

A number of years ago I used Uswitch to change my home’s energy suppliers from EDF Energy to a much less well known small energy supplier which was projected to save me about £200 a year. The process was a little time consuming but I thought it was worth the hassle to save this much money. I was greatly disappointed when EDF Energy then proceeded to buy my new energy supplier a few months later putting me back to square one! I haven’t bothered trying to save any money on my home’s energy costs since then figuring that all energy suppliers are much of a muchness and not wishing to go through all of that hassle and subsequent disappointment again.

I was listening to the radio recently and the subject of energy cost savings cropped up again. A listener had rung the programme and explained that he had switched energy supplier using Uswitch which resulted in an annual saving of about £400 and the process took him all of 10 minutes online!

Buoyed by the success of this radio listener I decided to put it to the test and logged on to Uswitch armed with a copy of my latest Eon bill and my bank details. Just as he had claimed the whole process took me all of 10 minutes. I was given a choice of 119 different energy plans from an array of suppliers! I decided against switching to any of the little known ones based on my previous experience and settled for one, Npower, which is the most popular supplier for my area. Because it is one of the larger suppliers I was able to effect the switch immediately online on Uswitch. My cost saving will be £373.16 a year! Easy peasy or what?

If I had chosen one of the smaller less well known suppliers I could have saved even more money but a) the company could be taken over by my existing supplier Eon in the near future and b) I would have had to get in touch with the new supplier myself because the company isn’t registered with Uswitch. All too much of a bother to a busy man like me!

If, like me, you were wondering if you could save money on your energy costs I would recommend using Uswitch because it is a simple, short process and you will probably save money after just 10 minutes work! I recommend it to you.

Other ways in which you could save money on your energy costs include paperless billing and payment by direct debit. Dual fuel bills for both gas and electricity can save you money too.

Consider having a smart meter installed too. A smart meter is a new kind of gas and electricity meter that can digitally send meter readings to your energy supplier. This can ensure more accurate energy bills. Smart meters also come with monitors so you can better understand your energy usage. Every home in Britain will have a smart meter installed by 2020.

You may like to consider having a Nest Thermostat installed too. This is because it learns from you. It gets to know the temperature you like when you’re at home and turns itself down when you’re away. It even learns how your home warms up or how draughty it is so it only uses the energy it needs. That’s how the Nest Thermostat saves energy.

If like me you have an electric car which you charge up at night from home or you use electricity in other ways during the night for example time setting a dishwasher or a washing machine to work during the night then you might like to consider having an Economy 7 meter installed instead. That’s because night units cost approximately half as much as day units.

So all in all there are many ways to save energy costs. I have simply listed a few that I know about. You do not need to suffer from so called “fuel poverty.” As the saying goes “Look after the pennies and the pounds will look after themselves.”