Get ahead of the price cap

Like many of us, you might be feeling worried after the news that energy bills could hit record highs of over £4,200 next year.

However, even if you think you've exhausted all options, there are still ways to save.

Firstly, don't misinterpret what ‘Price Cap’ means

The term is a bit misleading, it’s not like an ‘all-you-can-eat' meal deal. If you’re on a variable ‘price cap’ tariff, only the standing charge and unit costs are capped. The more you use, the more you pay, which is why using less energy is key to cutting your bill.

If you measure it, you can control it

Seeing how much energy you're using and what it's costing is a great starting point. On average, Loop users cut their energy use by 10%. This alone could double your energy rebate savings.

Get to grips with your Phantom Load

Phantom Load is our name for the energy wasted by appliances left on or on standby. As it accounts for 30% of an average energy bill, understanding how your home uses energy and making smart decisions about using less can make a significant impact.

Go on a Loop Snoop to see how much your things are costing to run and you might be in for a surprise. Our research revealed the average household could be wasting £368 on their Phantom Load annually!

It's not too early to prepare for Winter

There's no easy way to say it. This Winter is going to be tough. 80% of average gas use goes on heating with the coldest days costing the most. The average home will spend over £20 per day on gas during the coldest days this Winter. The vast majority of your gas spend will be during these very expensive cold periods.

It's well worth thinking carefully about what you can do to stay comfortable without turning the thermostat up. Each degree you reduce your thermostat temperature by equates to a 7% reduction in gas use.

You can also tune up your boiler to save another 6-8% with one simple setting change.

Lastly, it's critical to ensure your house is well insulated. Use these warmer months to check for draughts and ensure your loft has the recommended 270mm of loft insulation. If it doesn't, for many that will be a relatively easy upgrade that will pay for itself in record time. Heat is expensive so try and hold on to as much of it as you can!

Do something about your energy bill...Try Loop!

Loop is a free energy-saving app for your smart meter that analyses your energy data and shows you easy ways to use less. Whilst your in-home display shows you what you’re using right now, with Loop you can track back over hours, days, weeks, months and years. Stay in control and avoid any surprises when your bill arrives.

Sign up for FREE today!

FROM THE LOOP BLOG:

How much are you spending to keep cool?

During the hot weather this summer, you've no doubt been reaching for cooling appliances. But do you know how much they've been adding to your energy bill? For some households, it could be as much as £270 a month!

Read more

The cost of keeping cool during a heatwave 1

FROM AROUND THE WEB:

Climate emergency action

The extreme heatwaves this summer have been clear signs that we're in a climate emergency. But what's being done about it? Energy Saving Trust looks into the changes needed for the UK to reach net-zero by 2050.

Read more

Rising energy costs

Energy bills have been predicted to rise to over a staggering £4,200 a year this October at the next price cap rise, pushing the average bill to £355 a month. The BBC looks into the latest energy bill forecast.

Read more

That's it for this week, but if you have any questions, drop us a line to support@loop.homes or check out the Knowledge Base.

Don't forget you can also follow us on Facebook or Twitter for more news and views from Loop and around the web.

Wishing you all the best

The Loop Team

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