If you’re like most consumers, you’re probably worried about the increasing cost of energy. While gas prices are tied to crude prices, the government has little control over them, and high energy costs could be a liability for many UK residents this year.
Higher prices of energy are already affecting the economy, though the economy has not yet slowed down. But rising fuel costs coincide with other factors like supply chain disruptions and commodities, which raises the question of how stable the economy really is. Despite the uncertainty, economists say that higher energy prices do not harm U.S. and European growth. This is particularly important because natural gas prices in Europe are soaring as well.
In fact, some countries have announced that they are willing to take some of the burden on energy costs. If these governments are willing to share the cost, consumers are unlikely to feel the full impact of the price hikes. In addition, the EU has promised to review market rules surrounding energy prices before the end of the year, telegraphing measures like tax cuts and state aid. But what exactly can consumers do?
The UK energy industry is already warning that prices will rise considerably in April, as the industry faces a “national crisis” over wholesale prices. The government has also said that it will provide loans to energy firms in order to reduce bills. However, the price hikes are not enough, and the price cap will likely increase your bill by a considerable margin. So, it’s vital to check your energy bills now to avoid getting caught unprepared.
If you don’t have the most effective or efficient central heating system, now is a good time to sort this out. For advice from Boiler repair Cheltenham experts, visit The Combi Man, a supplier of Boiler repair Cheltenham services.
In addition to saving money, cutting back on energy use can help save the environment. Less energy used means less demand on fossil fuels. By turning off lights and appliances at night, you’re helping the earth by saving trees and natural gas. This is important from an economic standpoint, too, as fossil fuels are becoming more scarce.
Consider these three simple ways to save energy. Switch to LED lightbulbs. These use 75 percent less energy and last 25 times longer than standard incandescent bulbs. The bulbs are widely available and will pay for themselves over time. Consider the second most common way to save money on your energy bill: setting your hot water heater to 120 degrees instead of 160 degrees can save you up to 10 percent on your monthly energy bill.