Sitting on a crushingly expensive energy tariff because it hasn’t occurred to you to switch? You probably aren’t under 35, then.
A study by comparison site finder.com shows that millennials are the most practical generation when it comes to switching energy providers to save money. The study found that 32 per cent of the young generation has switched providers in the last 12 months, compared to Baby Boomers, where 26.4 per cent retain their current provider for over 10 years.
“As a generation of digital natives it’s not surprising that they’re more comfortable with exploring their options and switching online.” Jon Ostler, CEO (UK) at finder.com.
Finder.com’s study also found that more than two in five Brits don’t know or understand their tariff options. Based on the average energy usage per person per year, they calculated that people could save up to £231.47 a year by switching energy providers.
Jon continued: “Although British Gas is still offering the cheapest tariff of the Big Six, it’s important to continue to compare what’s out there ahead of price hikes.”
Some energy companies are expected to announce price rises as early as this Friday.
People widely assume the Big Six energy providers come cheaper than green providers, however this is not always the case. Green energy providers like Bulb offer a single tariff that beats all of the Big Six. Or you might want to wait for Mongoose, which will soon be launching a community based energy tariff that offers 100 per cent renewable electricity and green gas across the UK. In contrast to other providers, their profits will be invested back into the communities that help them generate their power. Other green energy providers include Ecotricity and Good Energy.
If you’re a savvy money saving millennial, here are eight ways you can cut your energy costs now:
- Switch to a renewable energy supply, although do remember most central heating is usually gas-powered, though some renewable suppliers are sourcing increasing amounts from biogas.
- Check your meter regularly. And consider installing a smart meter – they’re free and could save you money.
- Befriend your thermostat. 1c can make a big difference on bills so have it as low as you can tolerate.
- And your timer. Try to have the heating on for a very short period, only when you need it most – make sure it’s not timed to come on during the day, when no-one is home.
- Insert insulating foil reflectors down the back of your radiators to reflect heat back into the room and stop it being absorbed by walls and disappearing outside.
- Draught excluders – round window and door seals, at the bottom of doors. Super cheap, super effective.
- Just use less. It’s so obvious but if you don’t need the heating on, remember to switch it off. And stay in the jumpers as long as possible (heating is also terribly bad for the skin, don’t you know).