Trying to save money on your energy bills?
It's no secret many Brits would be financially struggling as a result of the crippling cost of living crisis. But thanks to Martin Lewis, there's many savvy hacks to help you out.
The MoneySavingExpert founder claimed there's a setting on your boiler which could help you save £65 a year on your finances. The "flow temperature" of the combi boiler is often set between 70C and 80C.
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You should be able to lower yours to 60C which could potentially knock some quids off yours bills. In an article on MSE, Martin's team shared the handy hack.
The Money Saving Boiler Challenge is an initiative by charity Nesta which featured on Martin Lewis' MoneySavingExpert website.
In an article, the team wrote: "To be clear, this is different from turning down your main heating thermostat or the valves on your radiators – it won't lower the temperature of your home.
"Your radiators will just feel slightly cooler and rooms may take a little longer to warm up, but they will still heat your home effectively."
It comes as Ofgem confirmed its price cap is increasing from £1,834 a year to £1,928 for a typical dual fuel household paying by direct debit. The new price cap will cover from January 1 until March 31.
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The price cap covers around 29million people in the UK. However, the price cap limits what you pay for each unit of gas and electricity that you use, plus it sets you a maximum daily standing charge.
It means your total annual bill depends on how much energy you actually use – so it could be more or less than the cap. Standing charges are a fixed daily amount you have to pay for energy, no matter how much you use.
The price cap figure is used to describe what someone with typical energy consumption can expect to pay each year, based on how much Ofgem reckons the typical household uses.
There are slight regional variations in terms of the rates you're charged under the price cap. How you pay for your energy will also affect your overall bill.
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