The Bank of England raised UK interest rates to 2.25 per cent on Thursday, the highest level in 14 years, and said it expected growth this quarter to be 0.1 per cent, which after a similar contraction in the quarter to June would mean the UK is now in a recession.
The rise in interest rates was prompted by very high inflation, which reached 9.9 per cent in August. The rapidly rising prices that are causing inflation are eroding households’ spending power. Furthermore, the hike in the energy price cap from October 1 to £2,500 will also hit people’s budgets.
Here, we identify the domestic appliances that use the most electricity and provide some advice on how to use them more cost-effectively.
Washing machines, tumble dryers and dishwashers
Washing machines, dishwashers and tumble dryers account for 14 per cent of the average energy cost. They are energy-intensive household appliances because of the power required to heat the water they use.
To save money, try to avoid washing half loads of laundry and aim to wash your clothes at a lower temperature.
The same advice applies to your dishwasher: if it has one, choose the Eco setting, and try to wait until it is fully loaded before turning it on.
Fridge and freezers
About 13 per cent of the average household's energy expense is spent on refrigerators and freezers.
Since they have to be on 24 hours a day, and could last you 17 years, people are recommended to invest in an energy efficent one.
Lights take up around five per cent of an average home’s total energy bill and you can save money by turning them off overnight and when nobody’s home.
If you need to sleep with the lights on, there are energy-saving light bulbs available, which don’t cost as much as a normal light bulb.
LED bulbs require much less wattage and therefore are more energy efficient. These bulbs can reduce your energy costs by £180 over their lifetime.
Hob, oven, kettle and microwave
The cost of kitchen appliances including the stove, oven, kettle, and microwave equals about four per cent of your energy bill.
In comparison to ovens, microwaves are more effective at cooking since they just heat the food itself, not the surrounding air.
Additionally, try to refrain from overfilling the kettle to save £11 annually on your electricity cost.
TVs and computers
Even after you've finished using them, your television and computer may still be drawing power from the mains.
Make sure to turn off electrical appliances completely, rather than setting them to standby after you are done using them, especially at night.
Alternatively, you can purchase appliances that use less energy while in standby mode, which will save you money over time, especially if you fail to turn them off completely.
Most people leave devices, such their mobile phones, plugged in to charge all night but this isn’t energy efficient.
In order to avoid large energy bills, you should unplug the charger from the wall as soon as your device has reached 100%.
If you charge your phone once a day for a year, it will only cost you £5, according to Uswitch.
Modern smartphones usually require a 20 watt charger, which should take roughly two and a half hours to fully charge.