How to reduce energy bills to focus on other financial commitments
According to a recent report, energy prices are set to rise from July 1 20171. We have created a useful checklist to help your household run more efficiently leaving you with more dollars and cents to place into your savings or other financial commitments.
Review your energy bill
Read the fine print and consider peak and off-peak periods. How does this compare to your usage behaviour? If they are at odds, it may be time to shop around to find a plan that suits your needs.
Identify energy hotspots
According to the Australian Government, the two biggest sources of household energy consumption comes from hot water, heating, and cooling2.
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Choose the most energy efficient appliance you can afford
Smaller appliances can account for up to 33% of your power bills3. Power consumption can be lower than a comparable less efficient appliance.
Check your windows and doors
According to the Australian Government, you could be losing up to 40% of heat through your windows in winter. Check for unsealed gaps where outside draughts can seep through.
Turn off appliances at the power socket
Appliances in standby mode can account for up to 10% of your power bill4. Even a phone charger can draw power without a connected phone.
Be energy smart
For example;
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In Summary
This checklist could be the beginning of a series of new energy saving habits to help with your saving and other financial goals. The more you can save on power bills, the more you can distribute to other things like a house or car deposit, a trip overseas or pay off your credit card debt sooner.
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References:
1 ABC News Breakfast, ‘Facebook Video: 10154920348658983’, June 2017
2 Australian Government, ‘Your Energy Savings: Reduce your energy bills’, Accessed: 30 June 2017
3 Australian Government, ‘Your Energy Savings: Reduce your energy bills’, Accessed: 30 June 2017
4 Australian Government, ‘Your Energy Savings: Reduce your energy bills’, Accessed: 30 June 2017
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