Hello Readers, welcome back to the Cullen Property blog! In today's piece, we will be exploring the recent price hike of energy and share our Edinburgh Letting Agency top tips for saving money. So, let's get stuck into today's blog piece...
Even before markets had to contend with the fall out from Russia’s invasion of Ukraine, energy prices were set to increase by up to 54% on 1st April 2022. There is a further price cap alteration due in October which some analysts now forecast to be as high as 47%. Our Edinburgh Letting Agency services seek to help you stay on top of what to expect whether you're renting or letting out your property with Cullen Property. Please contact us for advice if you need advice - our friendly team are always on hand!
Anyways, back to the blog piece - Money Saving Expert’s Martin Lewis explains what the effect of the price cap changes in April are likely to mean –
"For gas, first of all, we're seeing a big rise, an almost doubling of the unit rate – which is the rate you pay for the amount of energy you use – which is going from 4.1p to 7.4p a unit. The standing charge, which is the amount you pay per day just for having a gas supply, is increasing slightly from 26.1p a day to 27.2p a day.
"For electricity, there's a big (but not as big as gas) jump in the unit rate, which is going from 21p to 28p a unit. However, the standing charge is nearly doubling from 25p a day to 45p a day.”
He explores when and how you should switch to fixed tariffs to try to control your energy costs in his full article but sadly, most of our tenants are going to have to budget significantly more to heat their homes.
Top Tips for Saving Energy and Money From An Edinburgh Letting Agency
- Utilise energy saving lightbulbs where possible.
- Unplug devices when not in use.
- Be conscious of your thermostat – it may be more cost effective to have your boiler working for longer periods at lower temperatures than to be on for short periods at very high heat.
- Some timer systems allow you to pre-set different heating and hot water schedules on weekdays and weekends.
- Wash clothes at lower temperatures, however be mindful that only using your machine at 30 degrees can allow bacteria to build in the drum and seal. Aim to do one hot wash or a machine cleaning wash with a tablespoon of bleach, once every 7-10 days.
- Ask your supplier for a smart meter to allow you to control your energy. Just let us know so we can keep the meter data for your property up to date.
- Don’t over-fill your kettle!
Here’s some further links to explore –
We hope you found this blog piece helpful. If not, please feel free to contact our award-winning team for some friendly advice. We're always here to help!