One way that households can greatly reduce their costs is to switch to off peak tariffs, industry experts have said. These tariffs work by consumers using appliances at times when there is less demand on the energy network, so suppliers can offer reduced prices.
Tariffs such as Economy 7 and Economy 10 allow customers to get reduced rates, by using energy at quieter times of the day.
Ava Kelly, energy saving expert at Love Energy Savings, told Express.co.uk: “Off peak tariffs provide a great opportunity to make savings on your energy bills.
“Thanks to modern technology, there are ways that you can control devices in your home to ensure the running costs are kept to an absolute minimum.
“By using delayed timers on appliances such as washing machines, tumble dryers, and dishwashers, you can cut the cost of running those appliances by ensuring they start up during off-peak hours.
“Timer plugs can also assist, with things like lamps coming on to create a cosy atmosphere in the evening, but ensuring that peak energy hours have been avoided.”
READ MORE: State pensioners set for ‘rollercoaster ride’ as inflation soars
Ms Kelly said: “If you are not using the majority of your electricity during the night, be aware that the unit rate of energy during the day is more expensive if you’ve chosen an off-peak tariff.
“Before you get one of these tariffs it is worth checking to monitor your current energy usage. Installing a smart meter can help you understand your energy consumption.
“Using your smart meter, whatever you can see the running costs are of appliances and devices, half that cost for the average saving during off-peak use.”
Figures from Cornwall Insight suggest that the average household will face annual bills of more than £3,300 from October this year.
Energy regulator Ofgem has also announced it will now update the energy price cap every three months rather than six, with bills set to spike again going into 2023.
Nico van der Merwe is vice president for Home & Distribution at energy management firm Schneider Electric.
He said that those who need to use their energy during peak periods can use smart tech to make savings.
He told Express.co.uk: “For consumers who need to buy energy during peak periods, there needs to be a focus on connected digital technology, such as smart thermostats and smart home energy systems that can help them understand their energy bills, paying close attention to real time consumption levels.
“The in-home display on a smart meter, for example, is a simple way to track energy usage and receive day-to-day feedback.”