Have you ever looked at your electricity bill and groaned? The news tells you that electricity bills are set to fall and yet yours looks no different or more than usual. If this is the case it’s likely that the problem is your consumption, not the cost of your electricity.
In other words, it’s time you looked at where your electricity is being used and how you can reduce that usage to lower your bill.
Check your System
The first step is to get a reputable level 2 electrician into your home and ask them to check your electrical system. They will check that all the wiring is safe, that appliances aren’t draining more than they should be, and that your system isn’t suffering from electrical leakage.
A regular inspection will give you peace of mind that your system is working properly and lowers the risk of fires.
Check Your Appliances
You’re probably familiar with appliance energy ratings. You may even have noticed that they have changed. An older appliance that was rated an A would no longer qualify as an A. In fact, modern systems have created additional categories to allow for the improvements in energy savings and efficiency.
In short, replacing an old appliance can mean it’s a lot cheaper to run the new appliance than it is to keep the new one. Small savings may not seem significant. But, when you consider how many appliances you have, a small saving on each one can quickly add up.
Balancing The Cost
Of course, this doesn’t mean you need to run out and replace all your appliances. There needs to be a balance between the cost of replacing an appliance, the amount of money you may save on running it, and the cost of repairing it if it breaks.
A good guideline is to consider replacing an appliance over five years old. At this stage, repairs will often be affordable but lead to further repairs.
If you’re faced with a broken appliance the first thing you should do is check the price of a new one. This will give you a guide regarding how much it is worth spending on a repair. At this stage, the main consideration will be the age of your appliances and the likelihood of further repairs versus the cost of replacing the appliance.
But, to really balance the cost you need to start budgeting for replacement today. One of the easiest ways an outdated appliance can blow your budget is when they break and replacement is the logical choice. If you haven’t been budgeting for this then the replacement will probably be bought on finance. This negates the savings in electrical consumption and the additional monthly payments will place additional strain on your finances. If that strain is too much then the outdated appliance really has broken your budget.
The answer is to start putting money aside today, this will help to ensure you have enough for repairs or replacement without destroying your budget.