Money saving tips: The one simple way you could slash bills by up to £140

Cutting costs can be something which many people look to do, however it’s not always the easiest of tasks. When it comes to energy bills, reducing outgoings can seem even trickier, particularly as the UK is instructed to stay at home in order to slow the spread of coronavirus (COVID-19).

READ MORE

  • Tesco and Aldi shopper shares shopping list after saving £120 a month

Following the government guidelines aimed at tackling the outbreak, millions are now working from home or self-isolating.

However, it seems that there are some tips which some could consider, potentially leading to them avoiding higher energy bills and saving money.

Research suggests that, collectively, the UK could save £4billion in 2020 from identifying their Phantom Load, and households could save up to £140 on annual energy bills.

As much as 60 percent of the UK workforce is now potentially working from home, and amid the crisis, data experts at home energy saving assistant Loop have shared simple steps to help reduce energy usage and ensuring one’s home is as efficient as possible to avoid unwelcome bill increases.

Steve Buckley, Head of Data Science at Loop, said: “Spending more time at home usually equates to higher energy bills.

“However, we’ve seen that even making simple changes can make a big difference to your wallet.

“Phantom Load is not to be underestimated and there are some obvious culprits to look out for.

“By going around each room in your house to see what’s on standby, you can drastically reduce your energy waste and spend.

“However, Phantom Load is different in every household, and not every cause of wasted energy is obvious.

“But for many people it’s not just about saving money – using less energy is also about helping to tackle climate change.

“The nation’s awareness of the impact of carbon emissions is growing by the day, and most people want to do something to stop it.”

Switching off at the plug sockets won’t be a habit many people will do, however doing so could potentially save money.

READ MORE

  • Martin Lewis: Money Saving Expert on worst and best payment holiday

“Some appliances need to be left on all the time (like a fridge or freezer) or kept on standby (like a smart speaker) but many appliances are left on that don’t need to be,” Loop said.

“This background electricity use is known as ‘Phantom Load’, because of the way in which energy is invisibly drained without users necessarily knowing about it.

“Understanding the Phantom Load lurking in your home and what’s contributing towards it is important, as homeowners can often make simple changes that can lead to significant savings.

“With more people at home following government advice, Loop is urging homeowners to look around their home to identify any appliances that could be switched off.”

The average UK household could be wasting up to £140 unnecessarily through their Phantom Loads, according to an analysis of Loop data.

In some homes, this could be as much as £450, although these figures could increase with more people working from home.

So, what are some of the biggest energy-wasting culprits?

It seems that faulty set-top boxes are among them, and these could cost more than £75 if left on standby for a year.

Meanwhile, unused fridges or freezers could be adding an extra £50 a year to an energy bill.

Furthermore, leaving desktop computers on around-the-clock could add £40 to your bills.

Source: Read Full Article