Is Your Electricity Costing You Too Much?

Has your electric bill been alarming you with a more expensive cost lately? You are not alone. 

According to the International Energy Agency, the total global electricity consumption increased to 4% in 2018. The growth is nearly twice as fast as the overall energy demand. Since 2010, this was the fastest increase, when a financial crisis was just overcome by the global economy. Nuclear Power and renewables met the major increase in power demand together.

Trickling down to a household level, the steady increase in demand will also mean a steady increase in supply and will make the commoditization of electricity more expensive. And for most people, being surprised by an increase in the power bill is a total headache as some have limited budget.

Of course, a problem is not without its solutions. Here are a few things you can do from keeping your power bill costing you an arm and leg.

1. Unplug unused devices/appliances

Since your appliances at home account for the biggest percentage in your electric bill, it’s crucial to monitor their usage whether it’s on or not. In most modern gadgets and appliances, electricity is being drawn even when it’s turned off. To make your experience with the gadget smoother, companies are now making them not to fully turn off you press the power button and instead enters a standby mode so when you turn it back on, it will be faster for either a resumed use or doing a scheduled task. The electricity they are consuming might not be noticeable but this will accumulate in the long run and will have dramatic effects on your bill.

But don’t fret because solving this is simple, just unplug your devices and appliances when they are not in use. For some people who find this solution taxing, another workaround you can do is to connect them to a power strip which has an on and off button so when you are not using these appliances, you can simply switch the power strip off so you know that it’s really disconnected from a power source and not consuming any electricity.

1. Invest in energy-efficient appliances

If you live in your home for quite a while now, let’s say 5 years or a decade, chances are that your appliances are past their prime. These old appliances cost more to run and require more electricity than newer, energy-efficient models in the market right now. To add to that, older appliances were not made for today’s efficiency standard requirements.

Invest in appliances that have an Energy Star sticker which assures you of the quality and the energy-efficiency features of the device or appliance you are purchasing. These appliances may cost you a bit more but the significant savings you’ll get from having a low electricity bill will be priceless.

1. Find the best electricity retailers

Another culprit may be your electricity retailer. Always look out for hidden fees you that you might not notice when subscribing or switching to a new retailer. And for SMEs and households, these hidden charges can increase your total expenditure in electricity annually. It really helps to compare the plans from each retailer to know what fits your needs and ultimately, your budget. When choosing a plan, always take note of other additions to the plan and compare the difference in price to decide whether it’s better with or without that addition. 

An additional factor you want to consider is a green certified electricity retailer in Singapore. Aside from getting the best price from these retailers, you should also be aware if these companies are doing their part to consciously help the world to move towards a more carbon-neutral footprint as the state of our environment will not get better anytime soon if we don’t do something about it.

At the end of the day, you have a thing or two to consider for your electricity consumption at home. So when your next billing arrives, you are now more aware of how much your power bill will likely cost and cut a few bucks off it.