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Home Insurance
17 Aug 2015

Energy Savings Tips: How to cut your home energy bill

As electricity prices continue to climb, electricity bills are becoming more and more difficult for households to manage. A recent study by Ernst & Young shows that many households are struggling under the weight of rising energy costs. We’ve compiled some tips for saving money that will help you reduce consumption and avoid the frustration of bill shock.

Smart Thermostats

Imagine a thermostat that could learn your habits and adjust the temperature of your home based on your movements. That’s a thing now. Controlled remotely from your smart device a smart thermostat allows you to adjust your home’s heating and cooling while you’re out and about.  Smart thermostats can also learn how long it takes for your home to heat up to the temperature you like and use this information to start to warm or cool your home before you arrive home. Also providing you real time consumption information, smart thermostats will give you control over your energy bill, saving you money and helping you to make more informed decisions about your energy use.

LED light bulbs

Brightening the room at a fraction of the cost of standard lighting, LED lighting is a great way to cut down on energy consumption. With a lifespan of close to 20 years, these energy saving lightbulbs are more than four times as energy efficient as traditional incandescent bulbs. Although LED technology is a little more expensive initially, if you do your research and purchase high quality bulbs with proven energy efficiency, you will end up saving money in the long term.

Turn your appliances off

This is one of the oldest and simplest money saving tips on the list. Switching electrical appliances off at the wall while you’re not using them ensures you’re not paying for ‘stand by’ power. The highest abusers of standby power are flat screen TVs and computers – so if you can stand to turn these off when they’re not being used, you will decrease your energy bill. Remembering to turn off the lights when you’re not in a room can also help the power saving effort.

Install shutters to block sunlight

Installing blockout blinds in your home will provide a barrier from direct sunlight, keeping your house better insulated in the summer. In winter, the blinds also help reduce heat loss. By creating a barrier between the window and the room, you can effectively decrease the amount of energy used by the air conditioner to regulate the room temperature.

Consider the energy rating of new appliances

As well as considering the energy consumption of your existing appliances, it’s just as important to consider the cost efficiency of any new electrical appliances you are considering purchasing. In Australia it is mandatory for retailers to display energy performance information at the point of sale for many electrical appliances. The star rating system that is in place allows you to quickly compare the energy efficiency of different models and weigh up the short term vs long term cost savings of your purchase decision.  Remember to review your home and contents insurance policy when purchasing new appliances or making adjustments to your house design.

As you can see, you don’t have to make huge sacrifices to create an energy smart home. While these simple energy savings tips may seem small, they will all make a difference when it comes to reducing your electricity bill. Once you start implementing these energy saving measures you can stop fearing the grim, quarterly arrival of your electricity bill.

Benefits are subject to the terms and conditions including the limits and exclusions of the insurance policy. Any advice provided is general only and may not be right for you. Before you purchase this product you should carefully read the Home Insurance Product Disclosure Statement and consider the Target Market Determination to decide if it is right for you.