COLD COMFORT
Tips to save money in cost of living crisis
ENERGY inflation, cold weather, long nights and increased costs of living are giving us the winter blues.
Not just mentally, but financially too. And there’s another year of it yet.
According to Michelle Murphy, a research and policy analyst at Social Justice Ireland, energy prices are set to remain high for at least 12 months.
Murphy explained: “Even though wholesale energy prices have dipped in recent weeks, customers will continue to feel the pinch.
“Because energy companies bought at an expensive time, we’re paying for the stockpile.
Once the carbon tax comes in, prices will stabilise rather than suddenly drop, so we’re in for the long haul.”
Average households are forking out around €1,200 more per year on gas and energy bills, with inflation for fuel at 26%.
“It’s not what consumers want to hear, but there are some tips to alleviate the pain – both long and short term,” Murphy added.
Here’s a few handy hints to help save money on heating bills.
Only heat what you need
“When you’re not using your appliances, turn them off at the plug. If an item is on standby it’s still costing you money,” says Eoin Clarke, commercial director at Switcher.ie, a price comparison and switching service.
“Consider energy-efficient light bulbs, radiator boosters, draft excluders, chimney balloons, leggings jackets or solar chargers,” he adds.
“Small, speedy changes in the home could save energy. Turning down the thermostat by just one degree can save up to 10 percent on heating.
Only fill the kettle with the amount of water you need, and only have the oven on for as long as you need.”
Using a portable space heater can create some heat without draining your gas or oil.
DIY it
“Bleed the radiators. This will get rid of trapped air which could stop the heat circulating and improve the efficiency of your radiators,” Clarke says.
If your radiators are cold at the top and warm at the bottom, they could need bleeding. This involves inserting a bleed key, which costs €5 at any hardware store and using a cloth. You don’t need to be an expert.
“Turn the key anti-clockwise until you hear a hissing noise. Once water escapes, it’s time to stop. Make sure the heating is off when you do it. Pulling down the blinds and putting draft stoppers in place will also keep heat in your home.
Make the switch
“At the moment, some customers could save up to €371.21 per year by switching,” Clarke says. But shop around.
“Before switching providers, always be aware of installation charges. Be sure to read each plan carefully to make sure it’s the right one for your needs, and be wary of any exit fees for leaving your current contract early.”
Those considering switching to prepaid gas, should be aware that
it is more expensive.
Know what you’re entitled to
“It’s important to see what’s out there,” says Murphy. Although renters have fewer options than homeowners, they can still avail of working from home or fuel grants. “The government offers allowances to help towards the running of the home, as well as tax relief for working from home.”
Upgrade at home
The Fully Funded Energy Scheme targets homeowners who live in the ‘worst performing properties’, and who avail of one of a list of benefits schemes like fuel allowance or one parent family allowance. Upgrades offered under the scheme include attic insulation, cavity wall insulation and internal wall insulation.
Check your allowances
The Household Benefits Package is a set of allowances to help towards running your home. “If you’re eligible you could get a monthly gas or electricity allowance of €35 per month, all year round,” says Clarke.
Remote Working relief
Those working from home can benefit from remote working relief, which can be claimed from Revenue.ie. This entitles you to tax relief on your electricity and heating.