As the new year approaches, so do the resolutions. Eat less chocolate, walk more, read more - the usual suspects. Some, though, are tougher to tackle, especially when external factors are at play. YouGov polling last year suggested that the second most common resolution made by Britons was to save more money.
It’s a good plan but can be extremely difficult while living costs remain high. One area you can take action to save on your bills is energy – and these are my top five energy-related resolutions that’ll keep more money in your pocket. Energy bills aren’t always the easiest thing to read, but it’s worth getting clued up on what’s included.
While standing charges are set costs that we all pay, our bills will still be lower if we reduce our usage – and with plans in place to make suppliers offer a no-standing charge tariff, the unit price could become the sole metric for some consumers in the future, offering total control over bills.
It’s likely you’re on a standard variable tariff, meaning the maximum price is set by the price cap (which is going up about 1% to £1,738 a year from 1 January 2025). Other tariffs are available, however – and might suit you better. The cheapest deal on the market could potentially save a typical dual fuel customer around £100 a year compared to the price cap.
That’s likely to be for fixed rate – so you have more certainty over bills. For those with the ability to change consumption patterns in response to prices - for example charging a vehicle when prices are lower - more complex time of use or agile tariffs where the price changes daily may be more suitable.
