Cut energy use to make savings

There are a number of ways people looking for the best savings interest rates can cut the amount of energy they use so that they can make their money go further.

In the current economic climate, many households are struggling to make ends meet as salaries have not risen in line with inflation and the price of fuel has rocketed, pushing many people into fuel poverty.

Barry Johnston, managing director of Solartwin.com, agree that saving energy is important, not just for the environment but for people's wallets, but said that many households are missing out on opportunities to save money because they do not go through the details they are given by their energy provider.

"It is important to bear in mind the principles. One principle is to reduce before you produce. Insulate before you generate," he explained.

He said that through small steps, such as adding adequate insulation and double glazing, what energy is produced will stay in the house, then, he said, people can think about reducing consumption

"If you start with actions, there is turning down your thermostat or central heating by just one degree. That can cut your energy bill by ten per cent a year. Another one is to make sure your hot water has a thermostat. Set it to 50 degrees and not higher, if you make it higher, you will waste energy," Mr Johnston explained.

In addition, turning off appliances at the wall when they are not in use will make a significant impact.

Gillian Guy, chief executive at Citizens Advice, also urged people looking to build up money in accounts with the best savings rates that switching provider to get a better deal is definitely worth doing.

She said that the number and complexity of tariffs available make shopping around difficult with the result that many people have approached the body to get advice about what they can do.

Moneyextra.com recommends you take independent financial advice before acting on any article

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2011-11-07 13:18:05 © Moneyextra.com