Astronomical Energy Costs
As the world continues to face the challenges of climate change and wild fluctuations in traditional fuel markets, governments worldwide are implementing measures to try to reduce energy costs for consumers.
In the UK, the government introduced the Energy Price Guarantee (EPG), which aimed to protect consumers from paying excessive prices for their energy.
However, while it is true that the EPG has mitigated some of the more disastrous effects, it was never meant as a long term solution and doesn’t address the root cause of the problem. Unfortunately, this means that energy prices are still soaring, making it necessary for households to find alternative ways of reducing energy costs.
In this article, we will delve into the UK government’s EPG, and some energy-saving tips that can save an average UK household money.
Energy Costs & Government Initiatives
The EPG was introduced in 2021 to try to help mitigate the disastrous effects of rising energy prices.
The initiative was aimed at providing some level of certainty (amid astronomical price rises) for households and businesses on their energy bills. Under the scheme, the EPG protects customers from increases in energy costs by limiting the amount suppliers can charge per unit of energy used. The scheme was supposed to run until the end of 2022 but due to the continued increase in energy prices, the EPG has been extended multiple times and will now run at its current level from April to the end of June.
However, the EPG is not enough to withhold the constant pressure caused by soaring energy costs. Despite the government’s efforts, energy prices have continued to rise, with some companies raising their prices by more than 50%. This has had a significant impact on consumers, many of whom are struggling to keep up with their energy bills.
While the EPG was a flawed but commendable idea, it is important for households to find other ways of reducing their energy costs. Here are some energy-saving tips that can help save an average UK household more than £1000 over the year:
Installing solar Panels Solar power systems are a great way to reduce energy costs and reduce harmful emissions. According to the Energy Saving Trust, solar panels can save an average household £455 per year on their energy bills. Installation of a solar power system is a one-time investment that pays for itself, and more, over time. With the state of current energy prices, a solar power system can pay for itself within 5 years and all electricity generated after that is almost 100% free (minimal maintenance costs). What’s more, with the Smarter Home Improvements 0% finance deal an investment isn’t needed at all, and you can start on the path towards a sustainable, and energy independent future with a minimal upfront cost.
Switch to LED Bulbs LED bulls are more energy-efficient than traditional incandescent bulbs and last longer. Switching to LED bulbs can save an average household up to £75, per year on their energy bills.
Turn off Appliances Leaving appliances on standby mode consumes energy, which can add up over time. Turning off appliances at the plug when not in use can save an average household up to £35 per year on their energy bills.
Use a Smart Thermostat Smart thermostats allow you to control your heating remotely and adjust the temperature according to your schedule. This can save an average household up to £150 per year on their energy bills.
Insulate Your Home Insulating your home can help retain heat and reduce the amount of energy required to heat it. This can save an average household up to £350 per year on their energy bills.
Upgrade your appliances Consider upgrading to energy-efficient appliances, such as refrigerators, washing machines, and dryers. These appliances use less energy than older models and can save you a lot of money on your electricity bills over time.
Invest in solar battery storage Solar battery storage allows you to store excess energy generated by your solar panels. This energy can then be used later when the sun isn’t shining. By storing excess energy, you can further reduce your reliance on the grid and save even more money on your electricity bills.
The Solar Solution
Of all the energy saving tips, installing a solar power system is the most effective in promoting sustainability and reducing energy costs. Solar panels use sunlight to generate electricity, which can then be used to power households and businesses. Unlike traditional energy sources, solar energy is renewable and does not produce harmful emissions. So by installing a solar power system, households can reduce their reliance on the grid, reduce their carbon footprint, and generate their own energy.
The UK government has been encouraging the use of solar energy, with several initiatives aimed at promoting its adoption. The Renewable Heat Incentive, for instance, offers financial incentives to households that install renewable heating systems, including solar panels. The Feed-in Tariff, is another initiative that pays households that generate renewable energy, including solar energy, for every unit they generate and then send back to the grid.
The UK government’s EPG has shielded households from some of the worst effects of soaring energy costs but due to its short-term scope, is more like pouring water on an out-of-control fire, rather than a viable long-term solution.
The best method for households to free themselves from the stress of rising energy bills and the fluctuations of out-of-control energy markets is to take matters into their own hands and generate their own electricity by installing solar power systems.
The 0% finance deal offered by Smarter Home Improvements puts this amazing technology within reach of all households, so contact the team today to take your first step towards a stress free and renewable future.