Scheme smart and save: a third of us are more empowered than ever when it comes to energy management

Smart Energy GB announce year-long partnership with finance reporter, Steph McGovern, and money advice service, MoneyMagpie, to help the nation scheme smart and save on energy costs

 

• A third (30%) of people now feel more empowered than ever when it comes to energy management
• Two thirds (67%) of people now talk about household energy on a weekly basis
• Those who have switched to a smart meter, enabling them to better monitor energy usage and access energy reward schemes, believe they have saved an average of £120 on their bills in the last six months
• But while 38% want to do more to save on energy, half (48%) still don’t understand how to access saving schemes and 85% are willing to make changes to save energy
• Smart Energy GB announce year-long partnership with financial reporter and broadcaster Steph McGovern and money advice service, MoneyMagpie, to help the nation scheme smart and save on energy costs

The energy and cost-of-living crisis has put household energy management high on the agenda for people across the UK. But a third (30%) now feel more empowered than ever when it comes to energy management, and 71% are talking more about it than they were five years ago.

New research from Smart Energy GB shows two thirds of us (67%) now talk about our energy use on a weekly basis, with energy saving tactics a regular topic of conversation at home with family (47%), at work (21%) and when talking to friends (18%). 

In fact, the topic is so popular that 61% now say they share energy saving tips with family and friends as much as they share travel suggestions (63%) and nearly twice as much as parenting advice (33%).

This increased interest in energy is having positive effects which is being shown through actions. Over half (59%) have taken steps like getting a smart meter installed to enable them to access a range of energy reward schemes like the Demand Flexibility Service, which offers benefits for reducing energy use at specific times.

In fact, those who have switched to a smart meter and are taking advantage of such schemes or using their smart meter’s in-home display to monitor energy use more closely reckon they’re saving significant money on their bills - on average £120 in the last six months.

The effects are shown through attitudes too. A quarter (25%) say they’re now more confident when it comes to navigating the energy market compared to five years ago, and 71% feel confident they could find the cheapest energy deals for their household. Seven in 10 know what an energy scheme is and a further 70% say they’re on the lookout for new offers and schemes from suppliers.

But while 38% are feeling more positive about energy saving in 2024, 30% say they still struggle to navigate the energy landscape. A quarter (25%) find the language used to talk about energy management hard to understand, and a fifth (20%) find it difficult to understand which tariffs or schemes are available to them.

Transparency of what’s available could mean Brits are able to access even more ways to save on their bills. When it comes to one of the most talked about schemes, the Demand Flexibility service, 23% say they don’t know what it is, and 30% don’t know if their supplier offers it - a quarter (25%) even feel they wouldn’t know how to access it if it was offered by their supplier.

There is a clear want from bill payers to keep finding ways to lower their outgoings, with 85% willing to make further changes to save energy such as adapting their daily use (59%), updating household tech (35%) or getting a smart meter installed to access energy reward schemes (25%). 

And when it comes to energy management, knowledge is power. Nearly half (47%) say that knowing the most efficient times to use energy would help them adapt their daily routines and adjust their usage in order to save, while 36% say that being able to monitor energy use in near real-time would help them understand more about controlling how much they use.

Similarly, receiving an alert or reminder to avoid using energy at certain times to avoid incurring higher energy prices would help them to save (30%) – which is available to those who have a smart meter and opt into schemes like The Demand Flexibility Service.

Steph McGovern, Finance Reporter and Consumer Expert said: “Throughout my career I’ve been reporting on financial news, with a view to helping consumers navigate everything from getting a pay rise to cutting down everyday bills. There’s never been a better time to take control of your finances, thanks to the different initiatives and innovative schemes out there.

“Energy bills are one of the biggest pressures on households. That’s why I’m delighted to be partnering with Smart Energy GB to help people demystify energy and take control of their bills. Across the year I’ll be helping to make it easier to understand the energy market and get the best deals possible – starting with the schemes you can make use of right now with the help of a smart meter.”

 Victoria Bacon, Director at Smart Energy GB said: “It’s great to see so many people actively using their smart meter to be more energy efficient, but it’s also important to know they unlock benefits above and beyond being able to monitor what you use at home.

If you have a smart meter installed you are able to take advantage of energy reward schemes that reward you for using energy at different times of the day.

 “Some people are missing out because they’re unsure of what’s available, and don’t know how to access reward schemes. We’re teaming up with MoneyMagpie to equip households with the information they need to better understand schemes and tariffs, along with actionable tips to reduce energy use and help with their bills.”

Vicky Parry, consumer expert, at MoneyMagpie said: “Since the start of this year, when the latest energy price cap increase came into effect, we’ve seen searches for ‘energy saving schemes’ double on our website, along with ‘free energy tips’ and ‘saving money and energy. It’s clear that energy saving is staying firmly at the top of agendas and while there are many great schemes available, it’s vital that people feel equipped with the knowledge to help them navigate the energy market.

If you’re a bill payer, then accessing energy reward schemes is easy. With a smart meter, you can not only monitor your usage and cost in near-real time, but also speak to your supplier about the types of reward schemes available for flexing your energy usage.”

Smart Energy GB and MoneyMagpie’s ‘Scheme Smart and Save’ quiz can be seen here, created to help people know what they are eligible for when it comes to energy schemes and deals.

For more information and to find out more about getting a smart meter installed, search ‘get a smart meter’.