Google has published a list of the year’s most searched words. At the top of the ranking we also find the keyword ‘electricity exchange price’. Indeed, the price of electricity has often been a topic of discussion, especially when it is expensive. Among other things, the year was marked by the failure of Estlink 2 and the resulting increase in electricity prices in the summer, when we would otherwise enjoy rather low prices thanks to high renewable energy production.
We’ve put together a range of tips to help you keep costs down, should electricity prices on the market rise again.
Reduce consumption where possible
Smart and well-planned energy use helps to keep costs down. When do I use electricity the most, and does my electricity consumption overlap with periods when electricity prices are higher on the exchange? These are two important questions to ask yourself.
Now that the colder season has arrived and days are shorter, try to make the most of natural light. During the day, draw back the curtains of the south-facing windows to let the sun warm and light the room. Don’t keep lights on when there is no actual need for this.
The same goes for other electrical appliances – when not in use, switch the appliance off and pull the plug out of the wall socket, not the appliance itself. Unplugging is important, as otherwise the device will continue to run in standby mode and still consume electricity without you knowing. This simple action can save up to 10% on your annual electricity bill.
Lowering the room temperature by one degree can save money
The biggest savings potential lies in heating – as in the Estonian climate we have to heat for nearly half the year, this is where most energy is used. Heating shouldn’t be turned off completely, but when adjusting the indoor thermostats, it’s worth bearing in mind that a one degree lower setting will already reduce heating costs by 5%.
This should be taken into account if you have an independent heating system or if the district heating meter measures the consumption of each apartment separately.
Also make sure that heating appliances, such as radiators, are not blocked or covered up by curtains, furniture or other large objects. Otherwise, the warm air cannot circulate in the room and you may want to turn up the temperature even more.
With a fixed package, high electricity prices will be a thing of the past
Fixing electricity prices is one of the easiest ways to ensure peace of mind and price stability. If you enter into a fixed price contract, the unit price of electricity remains the same for the agreed period. This way, you don’t have to worry about what is happening on the stock exchange and it will be easier to plan your monthly budget.
We recommend fixing the price for those who are unable to time their electricity consumption. The best prices in the electricity market are generally late at night or in the early morning hours. If you want to save, more electricity-intensive activities should be done at that time, which is not always reasonable.
With Enefit, you can fix your electricity price for shorter or longer periods. Find out more about our 6-, 12- and 36-month packages here.
Minor changes in daily activities
As we mentioned at the beginning of this article, saving energy starts with changing your habits. Fortunately, most household chores enable savings. For example, when cooking dinner, you could turn off the oven 10–15 minutes before the food is ready. The food will continue to cook in the residual heat in the oven.
When using a washing machine, prefer a lower temperature. Lightly soiled clothes can usually be cleaned with a 30-degree programme, resulting in savings of up to 30%. Don’t throw the wet laundry into the dryer, but put it on a drying rack. This way, clothes get dry with zero energy consumption.
Lastly, when using home appliances, always give preference to economical and sustainable modes wherever possible. You’ll save electricity and prolong the life of your appliance, as a home appliance that is not running at full power will also last longer.
If you want more information or have any other questions, we will be happy to help. Contact us and write to teenindus@enefit.ee, call 777 4040 or leave a request for a consultation on our website.
We also share useful tips on how to reduce your energy bills, as well as other exciting energy topics in our LinkedIn newsletter.
