Millions of homes across the UK are worrying about the imminent increase in gas prices that has officially been confirmed by Ofgem. With the energy price cap rising by up to £700 in April, you’re probably wondering how you are going to be able to afford this huge increase in the cost of bills. Within this article, we wanted to share some of the most effective methods to reduce your energy bills and relieve the stress of the rising cost of living
What has caused the increase in gas prices?
The current increase in gas bills has been driven by the rise of global gas prices within the past six months. This has arisen due to an energy squeeze that has occurred throughout 2020/21. Across the past year, Europe has faced colder winters and a relatively wind-less summer. Additionally, increased demand from Asia has driven the cost of energy to unprecedented levels.
Due to the unavailability of this resource, energy companies are raising their prices to cover the increasing cost of purchasing gas. So far this year, 28 energy companies have collapsed due to the previous price cap that prevented them from charging their customers prices that covered their wholesale costs.
As announced by Ofgem on the 3rd March 2022, the energy price cap has been raised by the UK government to compensate for the rising global cost of gas. However, this leaves many households wondering how they will survive the next 2 years that gas prices are predicted to remain high.
3 efficient ways to reduce the cost of your gas bill
- Upgrade to a more efficient boiler
One of the most effective ways to reduce the cost of your energy usage is to upgrade your boiler to a more efficient model. It is considered that detached properties with G rated boilers could save around £300 yearly by switching to an A-rated condensing model. This amount of savings could ultimately cover a large proportion of the cost of the rising energy price cap. Even after gas prices are eventually restored to a standard price, you will continue to benefit from reduced bills in the long term.
Condensing boilers reduce the amount of gas required to heat your home by utilising the heat generated in more efficient ways. When burning the gas that is used to heat water throughout your central heating system, fumes and steam is created in the process. Whilst older, more inefficient boilers release this as wasted energy, condensing boilers are able to recycle the energy to create more heat using less fuel.
To optimally heat your home and greatly reduce the cost of your energy bills, purchasing a new boiler is the most effective investment you can make. Get your free boiler quote from Boiler Hut to enjoy a warm home without driving the price of your bills.
- Adjust your thermostat
Just by being more efficient with your thermostat, you could bring down the cost of your energy bills. Reducing the temperature on your thermostat could create savings of between 1-3% for each degree you bring the temperature down.
Even by turning your thermostat down by 1 degree, you could see savings up to £100 per year. This is because a large proportion of homes within the UK have their thermostat set to around 25 degrees or more which uses a considerable amount of energy. Not only is this several degrees above the recommended home environment but it is also even hotter than the climate in Syndey, Australia right now.
- Prevent heat loss throughout your home
Preventing significant amounts of heat from leaving your home can save money on your energy bills. By retaining the heat that has been generated you can reduce the amount of time that your boiler requires to warm your home. There are several ways in which heat can leave your house and plenty of ways to prevent this.
Installing insulation within empty wall cavities and roofing is perhaps one of the most effective strategies to reduce your energy bills during colder months. It is suggested that around a third of your home’s heat is lost through the walls. By investing in high-quality insulation you can keep your home warmer and reduce the cost of your energy bills.
Additionally, properties that do not yet feature double glazing windows should seriously consider upgrading to a more efficient alternative. By changing your windows, you could save between £200-250 on your yearly energy costs. This is an investment that will quickly offer savings in just a matter of years.
For many residents throughout the country, the cost of living is an incredibly stressful factor to consider. Rising gas prices only contribute to the financial struggle for much of the population. However, by making efficient changes within your home, you can soothe the stress of increasing bills and enjoy a warm home.
Reducing your thermostat or investing in heat loss prevention are some effective changes you can make to save money. However, if these are changes haven’t made a considerable difference, installing an energy-efficient boiler could be the solution you require. Optimally producing heat will allow your money-saving efforts to become far more prevalent than continuing with an expensive and inefficient boiler.