The cost of electricity is surging - here's how to save on your power bill
Energy prices these days are incredibly high. The cost of electricity, in particular, keeps surging at an unbelievable rate. The past summer season saw costs skyrocket as we all used more power to cool our homes – and suffered from bill shock as a consequence.
But with the overall escalating cost of living, we can’t help but wonder how we can save money on our power bills - and we’ve come up with some tips and tricks to help you do just that.
Understand your power consumption
The first thing to do is find the root cause of your high electricity bill. Besides the fact that energy prices are really surging these days, other factors within your house could be causing the increase in your power bill. Have you been using the air conditioning more than you really need to? Do you really need all of those lights running at night? Do you need that extra fridge? Ask yourself questions like these to identify any areas where you may be able to switch things off and save money.
Switch to LED lights
If you own your own home, it’s definitely worth investing in LED lighting as lighting is one of the major factors contributing to that high power bill. LED bulbs use 75% less energy than halogen light bulbs. Your existing light fittings may be able to take LED bulbs but if you need to upgrade and you’re renting, don’t be afraid to ask your landlord to switch to LED compatible lights. Once you switch, you’ll definitely notice a difference in your electricity bill.
Switch to off-peak water heating
Did you know that water heating systems take between 15% to 27% of our energy consumption? But you can save money on your power bill if you switch to an off-peak water heating storage system, as it heats the water during the cheap hours of the day and keeps it hot until you use it. But not all providers offer this, so ask your energy retailer if off-peak electricity is available for you.
Manage your aircon usage
Managing how you use your aircon simply means finding the right time and temperature to run it. According to Canstar Blue, the standard air conditioner temperature should be set to 25 to 27 degrees for cooling in summer, and around 18 to 20 degrees for heating in winter. Keep in mind also that Ergon Energy estimates that every one-degree cooler you run your aircon in summer adds around 10% to the amount of electricity your air conditioner uses. There’s also a handy Ergon cost calculator you can use to see what the difference in temperature can mean to you.
Don’t use hot water to wash your clothes
If you have been using hot water for washing your clothes in the washing machine, it’s time to stop doing this, so you can save money on your power bill. Using cold water consumes much less power than hot water. Also, wash your clothes only when you have the machine fully loaded in order to avoid frequent use of energy. It’s also a great idea to reduce the use of the clothes dryer and use your clothesline instead, especially when the sun is up. Clothes dryers are one of the biggest users of electricity in homes, and it’s pretty cheap to buy a clothes airer for the garage to dry your clothes, even when it’s raining.
Enjoy the power of the sun
During the day and when the weather is good, keep the lights off, open your windows and curtains, and let the sunshine in. You will not only reduce your energy consumption, but you'll also feel a lift in your mood, even when you’re indoors. It’s also a great way to let the fresh air circulate around the house.
Use solar energy
More about the power of the sun – use solar energy. It may not apply to all seasons of the year, but Australia gets plenty of sun most of the time. So, it’s a great idea to take advantage of the sunshine to save from the constantly increasing energy prices. There may be an initial cost to get solar panels installed, but it will definitely help you save money on your power bill in the long run. And remember, if you have solar, try to consume energy (think dishes, vacuuming and washing clothes) during the day rather than at night.
Watch the kitchen
The kitchen is one of the busiest parts of the house, where there’s a lot of movement and consequently, a lot of power consumption. So, it pays to watch what you use and what you’re doing while you’re there. Check that the fridge is tightly sealed and close the door immediately after getting what you need. Use a microwave oven or air fryer instead of the traditional oven, as they consume less energy. And again, switch the lights (and appliances) off when not in use.
Wrapping up
Prices are on the rise all around us, and our electricity bill is no exception. We hope you were able to pick up a thing or two from our tips to help you save money on your power bill. And if you need additional funds to pay that overdue bill, upgrade to LED lights or invest in solar, remember we’re here to help. Just take a look at our cash loans up to $5,000 to find out how quick and easy it is to get your hands on some extra funds. Once a loan is approved, the cash is usually in your bank account within a few hours – so the worry over those surging power bills is gone!