Energy Savings - What to use them on?
Energy prices are reaching historic lows as the global price of oil reaches 6 year lows in dollar terms. So as these savings come through to customers via lower petrol, diesel, gas, electricity, heating oil prices, what should consumers use them on?
Our suggestion is that these savings should be used to brace against future energy price increases. Much like a pension, the money you invest today, can be seen as an income source into the future by way of reduced costs.
For example, by spending €100 today replacing twenty 50 Watt spot light bulbs with 5 Watt LEDs, the savings can be expected to run over the 10 - 20 years the new light bulbs last. Add to that the savings from having to replace your bulbs less and the time saved from having to go out and find the replacement bulbs etc and you have a great reason to make this investment today.
By using the EnergyElephant platform, you can quickly and easily see where best to make your energy savings investments, from upgrading boilers or installing smart controllers such as Nest, to installing LED lighting and insulating roofs. These savings will quickly become apparent on your monthly bills, and can be expected to increase once energy prices start to recover or additional energy taxes (such as carbon taxes) increase.