Meters and Gadgets: Energy Saving Tech for Modern Homes
The days of waiting until your bills arrives to find out how much you spent on your gas and electricity are definitely numbered and there are now plenty of ways to not only keep an eye on what you are spending, but see how you can save money too.
Understanding how your bills are calculated and how to compare tariffs are topics covered by guides on sites such as GoCompare, and these guides are a good starting point for making the most of the opportunities available to save money.
Review your lighting
If you are looking for a quick and easy way to reduce your electricity bills, take a look at the type of lighting you are using in your home.
About 20% of your total electric bill is spent on lighting and if you are not using the latest technology available and using energy-saving bulbs, it will definitely be costing you a lot more than you need to spend on lighting your home.
Switching to energy-saving bulbs will result in you using up to 80% less electricity than required for standard bulb, and these energy-efficient bulbs also last up to ten times longer as well.
If every home throughout the UK installed at least three of these energy-saving bulbs, it would save enough energy to be able to power all of the street lights in the country, which gives you an idea of the savings to be made.
Smart meters are coming
The UK government has announced their intentions that every house in the country will have a smart meter by the end of 2020.
Smart meters are a new generation of meters and they will serve a dual purpose of allowing you to keep up to date with your energy consumption and also give you a valuable insight into your usage habits, so you can identify how you might be able to make savings.
A smart meter measures the energy you have used in much the same way as a traditional meter but it provides the information in a much more user-friendly format, so you can see in real-time exactly how much you have spent in pounds, rather than taking a reading and trying to calculate your bill.
These smart meters will mean that the energy suppliers can produce accurate bills rather than estimates, so it should reduce the prospect of you overpaying, which can happen when you get incorrect or estimated readings.
Technology has also extended to producing a new generation of heating thermostats, which are connected to the internet and allow you a greater level of control.
Being able to remotely access and control the thermostat in your home via your smartphone for instance, will give you the ability to turn your heating up or down and control the temperature in different zones, so you are not heating rooms that you are not using.
Having real-time data and greater control of your energy consumption can help to reduce your bills and if you follow some other initiatives such as fitting energy-saving bulbs as well, you should be able to achieve some worthwhile savings.
Sarah Gould is a personal finance consultant and property investor. She enjoys keeping tabs on anything new with the world economy and new technology. She incorporates her interests in her writing, most of her articles being published on personal finance related sites.