UK set to save a whopping £40bn on energy

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Making your own energy is a breeze
"Save more dosh by using energy at off-peak hours"
  • | by Alice Morgan

Britain, the power is (going to be) in your hands - quite literally.

The British government and Ofgem unveiled their plans for the energy market and - we'll be honest - it's looking pretty darn good.



The report claims that the use of smart meters, among other things, mean the UK could save up to £40bn by 2050.

Wowzers!

How will we save £40bn?!

Well, some of it will come from using these fancy-schmancy smart meters.

A smart meter will automatically send information about your energy-using habits to your supplier - no more calls from the gas man!

Image of smart meter

It means that rather than setting you a standard fee, your energy company can adjust your bill to suit peak and off-peak times.

You'll be able to save more dosh by using energy at off-peak hours - through the night, for example.

Winner!

So, when will I get one?

Well, if you don't already have one, you might be offered one pretty soon - the government wants energy suppliers to completely roll out smart meters across the UK by 2020.

And don't worry - switching suppliers will still be easy because the meters should be able to work across all providers.

What's the catch?

Hmm, there are a few.

Firstly, someone's got to pay for all these smart meters.

'You won't have to pay upfront to have a smart meter installed - smart meters will be paid for through everyone's energy bills,' Citizens Advice claim.

You may notice the extra cost added to your bills over time - it'll be down to you to try and lower your bills, by switching to a cheaper tariff for example.

 Image of woman checking energy bills

There has also been quite a bit of scepticism around smart meters and their vulnerability to hackers.

A post-note from the Parliamentary Office of Security and Technology in May 2017 claimed that the government said, 'Foreign states or state-sponsored groups regularly attempt to penetrate UK networks' with energy being one of the main sectors targeted. 

But Ofgem remarked: 'The government has commissioned work on the magnitude of the smart cyber security risk' making sure hackers are kept away from the system.

Major newspapers, including the Telegraph have also reported on the inaccuracy of smart meter readings with one display showing £30,000 of energy used in a day!

However, government regulations should make sure that the smart meters used in the UK roll-out are accurate. Fingers crossed.

How can I start saving right now?

There are a few things you can do to save on your energy bill. And they're pretty simple too.

Image of woman turning off light switch

  • Switch the lights off when you leave a room - there's probably not a monster lurking behind the curtains
  • And if you do like a bit of light, use energy-efficient lightbulbs
  • Leave the oven door open after you've finished cooking to make the most of the heat
  • Hang your clothes outside or on a clothes horse instead of using the tumble dryer
  • See what government grants you can get to help out with energy costs
  • Use draught excluders to keep out the cold
  • Take shorter showers in the morning - you'll get to work on time too!

You can find a great deal on your energy with GoCompare too - it's super easy to switch!

It's free to compare and you can see prices from 16 energy suppliers including the 'big six'.

It'll only take a few minutes and you could be making a saving - why wouldn't you compare?