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Over Half of Brits Miss Out on Cutting Bills Savings

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Bills by Erich Ferdinand via flickr

New research has revealed that more than 50% of the British public forget to review their monthly expenditure, missing out on savings.

And while 43 per cent of households believe changing energy supplier won’t help cut their outgoings, Big Energy Saving Week has found that UK bill payers could save around £300 simply by switching.

Big Energy Saving Week, a joint campaign between the Energy Saving Trust, Citizens Advice and the Department for Business, Energy and Industrial Strategy (BEIS) to help people save on energy costs ahead of the winter. Running from October 31-November 6, the campaign will host events throughout the UK to offer advice on reducing energy costs and help people keep their homes affordably warm.

The UK-wide Ipsos MORI study carried out by the Energy Saving Trust reveals households will take on a range of strategies to save this amount of money. Only 45 per cent consider reviewing their monthly bills to find £300, and a third would be willing to spend 10 hours or more of their free time working overtime.

A fifth of people would consider turning to debt via a credit card, while 14 per cent would ask friends or family for a loan. Meanwhile 31 per cent of people say they would use an extra £300 to pay off debt or buy essential household items.

Philip Sellwood, chief executive of the Energy Saving Trust said: “It is a concern that many people would look to use a credit card or ask those closest to them for cash if they needed to raise an extra £300. With 31 per cent of people saying they would use that money for essential items or to pay off debt, this could lead to a vicious cycle of paying off debt with more debt.

“Changing energy supplier is a much more sustainable way of achieving savings of around £300, while simple changes in the home such as adding extra insulation or using energy efficient bulbs will give added protection from possible increases in energy prices.”

Minister for Consumers Margot James said: “Millions of people have already switched and saved this year, but we know that some people can find it difficult to find the best deal. Big Energy Saving Week will help people up and down the country find out how they could save on their energy bills, many could save around £300, as we create a country that works for everyone.”

Gillian Guy, chief executive of Citizens Advice, said: “People can save hundreds of pounds by switching their gas and electricity.

“By checking how much they’re paying and comparing prices people can work out if they’re currently on the best deal, and if they can cut their bills by going to another supplier.

“Throughout Big Energy Saving Week, Citizens Advice will be hosting events in local communities where people can learn how to save energy, insulate their homes and compare energy prices so they can keep their bills to a minimum. People can also use our online price comparison tool to find a better deal.”

A price comparison tool launched by Citizens Advice allows bill payers to search the market and get an impartial view of the best offers for them. Outlining annual fee and basing results on location, it is the only site in the UK that provides information on all tariffs available, allowing bill payers to compare options side by side without influence of sponsored results.

It also provides information about whether you can access the Warm Home Discount through each supplier.

Big Energy Saving Week provides advice to people over the telephone through the Energy Saving Advice Service on 0300 123 1234, or face-to-face at hundreds of events being held across Britain. To find an event near you, log on to bigenergysavingweek.org.uk.

To see how much you could save on your energy bill, the Citizens Advice price comparison tool can be found at energycompare.citizensadvice.org.uk.

Energy

7 New Technologies That Could Radically Change Our Energy Consumption

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Energy Consumption
Shutterstock Licensed Photo - By Syda Productions | https://www.shutterstock.com/g/dolgachov

Most of our focus on technological development to lessen our environmental impact has been focused on cleaner, more efficient methods of generating electricity. The cost of solar energy production, for example, is slated to fall more than 75 percent between 2010 and 2020.

This is a massive step forward, and it’s good that engineers and researchers are working for even more advancements in this area. But what about technologies that reduce the amount of energy we demand in the first place?

Though it doesn’t get as much attention in the press, we’re making tremendous progress in this area, too.

New Technologies to Watch

These are some of the top emerging technologies that have the power to reduce our energy demands:

  1. Self-driving cars. Self-driving cars are still in development, but they’re already being hailed as potential ways to eliminate a number of problems on the road, including the epidemic of distracted driving ironically driven by other new technologies. However, even autonomous vehicle proponents often miss the tremendous energy savings that self-driving cars could have on the world. With a fleet of autonomous vehicles at our beck and call, consumers will spend less time driving themselves and more time carpooling, dramatically reducing overall fuel consumption once it’s fully adopted.
  2. Magnetocaloric tech. The magnetocaloric effect isn’t exactly new—it was actually discovered in 1881—but it’s only recently being studied and applied to commercial appliances. Essentially, this technology relies on changing magnetic fields to produce a cooling effect, which could be used in refrigerators and air conditioners to significantly reduce the amount of electricity required.
  3. New types of insulation. Insulation is the best asset we have to keep our homes thermoregulated; they keep cold or warm air in (depending on the season) and keep warm or cold air out (again, depending on the season). New insulation technology has the power to improve this efficiency many times over, decreasing our need for heating and cooling entirely. For example, some new automated sealing technologies can seal gaps between 0.5 inches wide and the width of a human hair.
  4. Better lights. Fluorescent bulbs were a dramatic improvement over incandescent bulbs, and LEDs were a dramatic improvement over fluorescent bulbs—but the improvements may not end there. Scientists are currently researching even better types of light bulbs, and more efficient applications of LEDs while they’re at it.
  5. Better heat pumps. Heat pumps are built to transfer heat from one location to another, and can be used to efficiently manage temperatures—keeping homes warm while requiring less energy expenditure. For example, some heat pumps are built for residential heating and cooling, while others are being used to make more efficient appliances, like dryers.
  6. The internet of things. The internet of things and “smart” devices is another development that can significantly reduce our energy demands. For example, “smart” windows may be able to respond dynamically to changing light conditions to heat or cool the house more efficiently, and “smart” refrigerators may be able to respond dynamically to new conditions. There are several reasons for this improvement. First, smart devices automate things, so it’s easier to control your energy consumption. Second, they track your consumption patterns, so it’s easier to conceptualize your impact. Third, they’re often designed with efficiency in mind from the beginning, reducing energy demands, even without the high-tech interfaces.
  7. Machine learning. Machine learning and artificial intelligence (AI) technologies have the power to improve almost every other item on this list. By studying consumer patterns and recommending new strategies, or automatically controlling certain features, machine learning algorithms have the power to fundamentally change how we use energy in our homes and businesses.

Making the Investment

All technologies need time, money, and consumer acceptance to be developed. Fortunately, a growing number of consumers are becoming enthusiastic about finding new ways to reduce their energy consumption and overall environmental impact. As long as we keep making the investment, our tools to create cleaner energy and demand less energy in the first place should have a massive positive effect on our environment—and even our daily lives.

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Energy

Responsible Energy Investments Could Solve Retirement Funding Crisis

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Energy Investments
Shutterstock / By Sergey Nivens | https://www.shutterstock.com/g/nivens

Retiring baby-boomers are facing a retirement cliff, at the same time as mother nature unleashes her fury with devastating storms tied to the impact of global warming. There could be a unique solution to the challenges associated with climate change – investments in clean energy from retirement funds.

Financial savings play a very important role in everyone’s life and one must start planning for it as soon as possible. It’s shocking how quickly seniors can burn through their nest egg – leaving many wondering, “How long your retirement savings will last?

Let’s take a closer look at how seniors can take baby steps on the path to retiring with dignity, while helping to clean up our environment.

Tip #1: Focus & Determination

Like in other work, it is very important to focus and be determined. If retirement is around the corner, then make sure to start putting some money away for retirement. No one can ever achieve anything without dedication and focus – whether it’s saving the planet, or saving for retirement.

Tip #2: Minimize Spending

One of the most important things that you need to do is to minimize your expenditures. Reducing consumption is good for the planet too!

Tip #3: Visualize Your Goal

You can achieve more if you have a clearly defined goal in life. This about how your money can be used to better the planet – imagine cleaner air, water and a healthier environment to leave to your grandchildren.

Investing in Clean Energy

One of the hottest and most popular industries for investment today is the energy market – the trading of energy commodities. Clean energy commodities are traded alongside dirty energy supplies. You might be surprised to learn that clean energy is becoming much more competitive.

With green biz becoming more popular, it is quickly becoming a powerful tool for diversified retirement investing.

The Future of Green Biz

As far as the future is concerned, energy businesses are going to continue getting bigger and better. There are many leading energy companies in the market that already have very high stock prices, yet people are continuing to investing in them.

Green initiatives are impacting every industry. Go Green campaigns are a PR staple of every modern brand. For the energy-sector in the US, solar energy investments are considered to be the most accessible form of clean energy investment. Though investing in any energy business comes with some risks, the demand for energy isn’t going anywhere.

In conclusion, if you want to start saving for your retirement, then clean energy stocks and commodity trading are some of the best options for wallets and the planet. Investing in clean energy products, like solar power, is a more long-term investment. It’s quite stable and comes with a significant profit margin. And it’s amazing for the planet!

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