Beat the energy price cap! Save £151 with simple steps
As energy bills rise by an average £149 from October 1 2024, consumer finance researchers at NimbleFins have found a quick and easy way for households to recoup most of the energy bill increase.
Analysts have calculated families will save more than £128 by switching off so-called vampire devices – electrical items that drain energy when on standby.
NimbleFins has also computed other easy energy tweaks that will see households saving even more than the price cap rise.
Worst vampire devices – and how to save
When it comes to vampire devices, the worst offender is the television, which will waste an estimated £21.53 a year under the new price cap. This is closely followed by a set top box, such as a satellite TV box, which uses £20.21 in unnecessary electricity each year. That's almost £42 a year wasted from your TV set up when you’re not even watching it.
The wifi router is another energy-sapping culprit, using electricity worth £16.53 when on standby, while the microwave wastes £14.32 a year on standby, under the new price cap.
Erin Yurday, CEO and co-founder of NimbleFins, said: "Vampire devices really are as scary as they sound when it comes to your energy bills, with our research on 13 common offenders adding up to £128.23 in wasted energy.
"With the cost of living crisis still having an impact and the Winter Fuel Allowance being removed for most older people, households will be looking at every way they can save money this winter.
"Heading around the house every night with our checklist of worst offenders is one way of keeping hold of the purse strings, or a less convoluted way would be to look into timer plugs, or smart plugs where you can control the power from your phone.
"Remembering to unplug devices once they're charged, and when you're going to be away for a few days, will reduce energy use, and it's also possible to adjust power settings on computers and TVs so they enter sleep mode or shut down after a shorter period of inactivity.
"Finally, see if your TV, games consoles, printer or others have an 'instant on' feature. These are quick-start modes that make it faster to power up but means they are always kept in a low-power state. Disable this feature to reduce energy use."
Make even more savings to beat the price cap
So what about the other £20.77 households will need to save to beat the energy price cap?
Reducing the use of the tumble dryer would make a big difference.
NimbleFins's appliance cost calculator estimates it costs 32p-56p per load in the dryer - an average of 44p.
By air drying one load per week, households could save £22.90 per year on average.
Turning down the thermostat by 0.5C for just a few hours could also make up the numbers.
NimbleFins calculated families can save about £86 by reducing the thermostat by 1C.
Reducing the temperature by 0.5C could therefore save £43, and reducing the temperature by 0.5C for just half the day can save £22 a year.
Cost of keeping your appliances on standby
| Appliance | Total cost per year |
|---|---|
| 1. Television | £21.53 |
| 2. Set top box | £20.21 |
| 3. Wifi router | £16.53 |
| 4. Microwave | £14.32 |
| 5. Games console | £10.65 |
| 6. Computer | £9.82 |
| 7. Shower | £8.58 |
| 8. Smart speakers/smart home devices | £7.82 |
| 9. Dishwasher | £6.00 |
| 10. Tumble dryer | £4.19 |
| 11. Washing machine | £4.14 |
| 12. Printer | £3.33 |
| 13. Mobile device charger | £1.10 |
| Total | £128.23 |
| Extra savings needed to beat price cap | £20.77 |
| Other savings | Total cost per year |
| Remove one tumble dryer cycle a week | £22.90 |
| Turn down thermostat by 0.5C for half the day | £22 |
| Turn down thermostat by 0.5C permanently | £43 |
| Turn down thermostat by 1C permanently | £86 |
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Sources
Cost of vampire devices calculated using British Gas data on time left on standby and adapting figures for October 1 2024 price cap.
Thermostat cost saving figure based on Citizens Advice research that says reducing thermostat by 1C will save 10% on energy bills.