One way households can drastically cut costs is to switch to off-peak rates, industry experts said. These tariffs work by consumers using appliances at times when there is less demand on the energy grid, so suppliers can offer discounted prices.
Rates such as Economy 7 and Economy 10 allow customers to obtain lower rates, using energy at quieter times of the day.
Ava Kelly, energy saving expert at Love Energy Savings, told Express.co.uk: “Off-peak tariffs offer a great opportunity to save money on your energy bills.
“Thanks to modern technology, there are ways to control appliances in your home to ensure running costs are kept to an absolute minimum.
“By using delayed timers on appliances such as washing machines, dryers and dishwashers, you can reduce the cost of running these appliances by ensuring they start during off-peak hours.
“Timer outlets can also help, with things like lamps turning on to create a cozy atmosphere in the evening, but ensuring peak energy times have been avoided.”
Ms Kelly said: ‘If you don’t use the majority of your electricity overnight, be aware that the energy unit rate during the day is more expensive if you have chosen an off-peak rate.
“Before you get one of these tariffs, it’s worth checking to monitor your current energy usage. Installing a smart meter can help you understand your energy usage.
“Using your smart meter, all you can see, running costs for appliances and appliances, half that cost for the average saving during off-peak usage.”
Figures from Cornwall Insight suggest the average household will face annual bills of over £3,300 from October this year.
Energy regulator Ofgem has also announced that it will now update the energy price cap every three months instead of six, with bills set to rise again until 2023.
Nico van der Merwe is Vice President Home & Distribution at energy management company Schneider Electric.
He said those who need to use their energy during peak periods can use smart technology to save money.
He told Express.co.uk: “For consumers who need to buy energy during peak times, the focus needs to be on connected digital technology, such as smart thermostats and smart home energy systems. that can help them understand their energy bills, pay close attention to real-time consumption levels.
“The home display on a smart meter, for example, is an easy way to track energy usage and receive day-to-day information.”
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