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Optimize your electricity bill

BUDGETING

BANKEAZ | Optimization Team
8/30/2024 - 7 min read

Looking to reduce electricity expenses?

Energy-efficient strategies can save money and help the environment.

Upgrade devices and use natural light to decrease electricity usage.

Small changes in habits can make a difference for your budget and the planet.

#SustainableLiving #CutCosts

Considering strategies to reduce your electricity expenses can lead to significant yearly savings, potentially exceeding a hundred euros, especially based on your household composition.

Achieving your financial goals becomes easier with these cost-effective approaches.

The best part? Once you grasp the process, it's relatively simple to decrease your electricity bill.

If you're committed to saving money, here are our recommendations to help minimize your energy usage.

This not only benefits your wallet but also contributes to environmental preservation!

> Average price of a electricity bill in France

In France, electricity prices change monthly. 

According to EDF's blue tariff, which serves as the reference price on the electricity market, the price of electricity is 0.2516 €/kWh in the Base option, 0.27€/kWh in Peak Hours, and 0.2068€/kWh in Off-Peak Hours.

On the wholesale electricity market, this 30 august of 2024, the price of electricity is 95,19€ per MWh.

With the energy market opening up and the end of regulated tariffs, consumers now have the option to choose their electricity contract from different suppliers offering varying rates per kWh or fixed prices for multiple years.

Here the list ↗ for 2024. 

> How to optimize your electricity bill: 11 tips for optimizing your gas bill

When it comes to energy conservation, the type of housing you live in, whether a house or an apartment, makes little difference.

The fundamental principles remain constant regardless of your living arrangement.

Reducing your electricity costs involves being aware of your use of hot water, lighting, and heating, irrespective of your home type.

The strategy for energy efficiency is consistent across the board.

It is crucial to explore methods to reduce energy usage in these aspects, no matter the housing you inhabit.

- Take stock of your electricity consumption

Before incorporating new methods to decrease electricity usage, it is crucial to assess your current electrical consumption.

This can be done using online resources, audit applications, or professional guidance.

Performing an audit will help in pinpointing areas that can be optimized to lower energy consumption effectively.

- Seal all air leaks

If you detect a hissing noise coming from your windows or sense cold air entering through door frames, it's crucial to promptly address these air leaks.

These leaks can have a significant impact on your energy expenses, as your heating system will be forced to work harder to maintain warmth.

An effective solution is to use thermal sealing strips made of compressible materials like rubber or plastic.

These strips, equipped with adhesive tape, can be easily attached to door and window frames to create a secure seal.

They also act as shock absorbers, preventing doors and windows from slamming.

Remember to replace them every three years for optimal efficiency.

- Set up your thermostat

Heating constitutes a significant portion of residential electricity expenses.

However, effectively managing your thermostat can lower your electricity consumption.

A minor adjustment of 2 degrees can yield a 5% decrease in electricity costs.

For even more substantial savings, consider setting the temperature 5 degrees lower than usual, potentially reducing your bill by 10%.

Investing in a smart thermostat that adjusts to your preferences automatically is a prudent decision, saving both time and money.

Remember, correct thermostat placement is essential for accurate temperature detection and avoiding unnecessary electricity costs.

- Change your light bulbs

Replacing traditional light bulbs with energy-efficient options like CFLs or LED bulbs is a smart way to cut down on your electricity costs.

While CFL bulbs may have a higher initial cost, the savings in energy usage will quickly outweigh this. LED bulbs, on the other hand, are even more efficient, consuming significantly less energy and lasting much longer than traditional bulbs.

By making this simple switch, you can not only save money but also contribute to a more sustainable environment.

- Watch your water consumption

Heating water can be a major contributor to your home's electricity costs, but this can be mitigated.

A couple of minutes reduction in your shower time can save up to 23 liters of water per shower.

This, combined with daily showers, can result in an annual saving of 8,400 liters and a noticeable reduction in your energy bill.

Consider investing in a low-flow showerhead that uses less than 2.5 GPM.

Additionally, lowering your water heater's temperature from the default 60°C to 50°C can significantly cut energy consumption.

- Unplug your electrical appliances

Leaving your electronic devices on standby for extended periods can significantly raise your energy consumption over time.

To combat this, consider using a smart power strip for remote-controlled gadgets.

This device automatically turns off the power when the devices are not in use, helping you save energy and reduce your electricity bill.

- Do laundry differently

Here are three tips to help you save money when washing your clothes:

• Only run your machine when it's full. As you can imagine, washing a few T-shirts and two pairs of socks won't help you reduce your electricity bill;

• Wash your clothes at lower temperatures, because the more you heat the water, the more it costs;

• Let your clothes air-dry rather than tumble-dry.

- Set your refrigerator temperature

The colder your fridge and freezer, the more energy they consume.

Ideally, set your fridge to between 1.5 and 3°C and your freezer to around -18°C.

This way, your food will keep well and you'll reduce your overall electricity consumption.

- Changing electricity supplier

Switching your power provider is a simple strategy to make significant savings on your electric bills.

By scrutinizing offers for the most beneficial contract using an online price comparison tool, hundreds of euros can be saved monthly.

Opt for an online account for handling your bills digitally, usually a more economical option than conventional methods.

Regularly provide your meter readings to ensure you're billed for only what you consume.

Keep in mind, companies often levy charges for paper bills, making digital options more cost-effective.

Utilize an online comparison tool ↗ to evaluate different rates and select the most advantageous option.

The potential savings might surprise you.

> How to optimize your electricity bill during the summer and winter seasons

Considering that the largest portion of a household's annual electricity expense is attributed to heating and air-conditioning, it becomes crucial to adjust your consumption patterns according to the season.

Below are some recommendations to assist you in achieving this goal.

- Invest in an electric heater

For individuals living alone or working from home, consider using a mobile electric heater to save electricity.

Rather than heating the entire house, adjust your thermostat and focus on warming a single room.

This targeted approach can be more cost-effective and energy-efficient.

Remember to switch off the heater when leaving the room to prevent any potential fire hazards.

- Wear warm clothes

Wearing appropriate clothing according to the season can help you maintain a comfortable indoor temperature without excessive adjustments.

Consider investing in cozy attire like a bathrobe or a warm sweater for winter to reduce the need for constant heating.

This simple change can lead to noticeable energy savings and lower your yearly electricity expenses.

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