Tuesday, June 9, 2009
Category:
Personal Finance Tips
As the Government announces its intention to fit ‘smart meters’ in all UK homes by 2020, Confused.com are encouraging UK consumers to take control of their energy consumption by reading their own meters in the interim.
Head of utilities at Confused.com, Gareth Kloet, commented: "With so many people paying estimated bills, the introduction of smart meters will be a welcome change for many households used to paying estimated bills. However, the scheme is still 10 years away from completion, so consumers need to replicate some of the functionality that a smart meter brings, as soon as possible. By reading their own meters regularly and passing this to their suppliers, customers will receive accurate bills and ensure that they pay only for the energy they use."
The cost of nationwide installation sits at an estimated £7 billion; with consumers looking set to incur at least some of this expense. However it is anticipated that suppliers will foot the majority of the bill. Despite the potential outlay for consumers, research indicates that smart meters will help them to keep costs down by means of an increased awareness of energy usage. This should come as a benefit to consumers’ finances as well as to the environment.
When consumers become more familiar with their gas and electricity usage they may then be more inclined to investigate better tariffs. Confused.com has some top tips for reading meters. They say it should be done on a monthly basis, and once read, details should be passed onto suppliers. Providers can be informed online or with a simple phone call and meters should always be accessible.
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Homeowners that are looking to further reduce their utility bills may wish to improve the energy efficiency of their property so as to avoid wastage. This could be achieved by means of an array of projects, such as the replacement of draughty doors and windows and making sure that loft spaces are properly insulated. Where personal finances can not currently stretch to such work, a
home improvement loan could be considered as a source of funding. A home improvement loan could not only facilitate projects relating to energy efficiency, but could also be used for general re-decoration at the same time if desired. A home improvement loan is one of many options to fund insulation and decorating projects.
