The energy bills discount being paid in instalments is also ending with the last instalment in March meaning now is a good time to plan ahead for the bills hike. Experts at BOXT have shared some simple tips to help families reduce their energy bills.
An old boiler in need of repairs can add a huge amount to a person’s monthly bills. All new and modern boilers have to be A-rated, while older appliances have an efficiency rating as low as 60 percent.
This means older boilers require more power to provide the same amount of hot water adding needlessly to household bills.
BOXT calculates a household could save more than £550 a year simply by upgrading to a new A-rated boiler, while not affecting how the family uses the device.
There are several options for managing the upkeep of a boiler, such as using a boiler subscription package.
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This includes a range of services such as installation and ongoing for the boiler, as part of a 10 year plan, and can save a customer up to £95 a month on their energy bills.
Another tip is to turn down thermostats even by just one degree. Turning down a thermostat from the average temperature of 20C by just one degree can save hundreds of pounds a year on bills.
Consumers may also want to consider installing thermostatic radiator valves to help control the temperature of a room.
The devices can save a household up to £75 a year, according to figures from the Energy Saving Trust.
Installing insulation around a water tank, pipes and radiators is a “quick and easy way” to improve efficiency and bring down costs, according to BOXT.
One option is the hot water cylinder jacket, which costs around £15 and can be easily installed at home.
Andy Kerr, founder of BOXT, warned energy bills may remain high throughout the coming year.
He said: “The Energy Price Guarantee is set to increase from the current £2,500 to £3,000 a year on April 1, 2023.
“In addition, the £400 energy bills discount issued in six instalments to every household is also set to end in March, making the price cap increase even more impactful.
“While some forecasts predict average household bills will fall to around £2,400 a year starting in July, wholesale gas prices would have to continue to fall at the same rate as they have been over the last two months in order to translate into actual price relief for households.
“In addition, there are other factors to consider, such as how cold the temperatures might drop and at what level European gas storage will be as a consequence.”
Analysis from Cornwall Insight found electricity default tariff cap costs are expected to fall from April 2023’s forecasted £1,725.51 to £1,243.91 a year, while gas is expected to drop from £1,819.80 to £1,556.26 a year.