How to Fight Rising Energy Costs without Being Left in the Cold

The cost of living continues to climb for UK residents, including energy price spikes. One of the nation’s leading energy providers recently announced a price hike, resulting in an increase of 12.5 per cent in the cost of electricity.

Some observers blame Brexit for the climbing rates, but the cause is less important to consumers footing the growing tab for energy. Already saddled with inflation, rising insurance costs, and diminished spending power, Britons must now find a way to pay for the electricity increase, as well as other cost of living increases. As the heating season approaches, money saving moves can help trim energy spending. For help fighting rising rates, turn to these straightforward cost cutting measures.

Weigh the Benefits of a Fireplace or Wood-Burner

Wood burning stoves may seem outdated, tied to times when burning wood provided the primary source of heat. Nostalgia aside, modern wood burning options have many benefits, which can save you money on the cost of heating your house.

A standard fireplace can help take the chill off during cold-weather months, particularly in relatively small spaces, where a little heat goes a long way. For a more efficient heat plant, capable of heating your whole house, explore the benefits of a high-efficiency wood burning unit. Venting and installation requirements are different for each approach, so investing in a fireplace or wood burner might not make sense. Adding a chimney, for instance, is a costly undertaking that might price the upgrade out of reach. As long as the cost of installation is reasonable, adding a wood stove or fireplace is a winning investment. Not only will it cut energy costs, but the improvement can also add value to our house, increasing its resale appeal.

Take Control of the Heat

Once you’ve generated heat, you can save money by efficiently using the warmth. Since heat rises, turning a ceiling fan on low speed effectively recirculates warm air as it rises to the top of the room. In effect, you can capture the benefit of the heat on the way up and on the way down, as the rising warmed air is pushed lower.

Containing heat in the zones where it’s most needed is another way to make the most of your energy spending. For the best results, shut-down heat registers in spaces you’re not using and close doors to contain the heat where you want it.

Weatherize You House

When you break it down to its essential nature, heating your home is like an ongoing battle against Mother Nature. She’s always trying to get in your house and you’re always trying to keep her out. To even the fight against the powerful forces of nature, it is important to weatherize your house. Not only does the effort pay off in energy conservation, but tightening-up your home also cuts energy bills.

For results you’ll feel immediately, focus on cold air breaches, allowing the outside chill into your home. Fill small gaps with latex caulk and use expanding foam to fill larger voids. Most problem areas are found near penetrations to your home’s exterior shell, such as windows, doors, and skylights. Concentrate on filling gaps around these openings and you’ll feel fewer drafts and save money on heating energy.

An outdated boiler can quickly decimate your energy budget, so reeling-in costs may require an update to your heating plant. When investing in a more efficient boiler calls for outside financing, home equity lines of credit put your house to work, funding improvements. And if your score isn’t perfect, bad credit loans are available from a number of providers, helping you make cost-effective energy updates.

Climbing energy prices are a call to action for cost-conscious Britons, preparing for the heating season. While other eco-friendly moves can help trim energy spending, changing your heating habits provides the most room for savings. For an immediate improvement to your bottom line, winterize your house, direct heat to the spaces you use most, and consider the benefits of installing a wood-burning stove.

Paul graduated in 2001 with a degree in Finance. Since then he has gone on to work for several of the UK's most well-known financial institutions.

An avid blogger and a huge football fan, Paul is here to guide you through the ins and outs of personal finance and perhaps save you some money in the process!

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