Compare energy use: are you a big spender?
You may know how much energy your household uses each year, and at what cost. But have you any idea how that compares to other, similar homes?
Knowledge is power, and in this case, a power-saving: a US business called OPower (now owned by Oracle) found households could cut their energy bill by 3% - that's around £75 - just by seeing how their consumption compared with their neighbours.
Wasted energy makes up 30% of the average energy bill - do something about it! Get more from your smart meter with Loop.
This saving is based on the idea that knowing what peers are doing can lead to behavioural change. Another example is messaging encouraging guests to re-use towels in hotel rooms; psychologists have shown that if guests were informed others had re-used towels, then they were far more likely to do so themselves.
See how you compare
So, if you know your home energy consumption, compare it with people in households like yours in the table below and start saving!
Table data used with permission from Loop users and converted to annual costs based on the following prices: gas standing charge 28 p/day and unit cost 10.3 p/kWh; electricity standing charge 46 p/day and unit cost 34 p/kWh. All figures are for households with electricity and gas supplies.
This guide should help indicate neighbours’ energy prices, but the best thing to really do to ensure you aren’t over-paying is to speak to your neighbours yourself. Our research revealed that 90% of people don't know how their energy bill compares to their neighbours, but 51% would find this information useful.
Having these conversations can really encourage us to share cost-saving tips and be more aware of our use, especially if we know how much a neighbour in the same property and family size is spending.
Once you're armed with this information, using a free energy-saving app like Loop can keep you on track with your usage. Don't just keep up with your neighbours, beat them!
About the author
Bryn is one of Loop’s data scientists. As part of the data science team, he has developed models and algorithms that drive some of the more advanced features of our app. He has a PhD in maths, and his previous experience includes work in the Western Australian wholesale electricity and gas markets.
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