Saving on utility bills is a powerful way to improve your financial situation.
Reducing energy consumption leads to lower monthly bills, which directly increases your disposable income.
The potential savings can add up especially if you think about it on an annual basis.
Studies have shown that households can save up to 25% on their utility bills through energy efficiency measures.
Lower monthly expenses reduce financial stress and you can channel the additional savings into investments.
Here are 6 effective ways to reduce utility bills in Singapore.
This article was written by a Financial Horse Contributor.
1. Switch Off Standby Power
Unplugging appliances like TVs, microwaves, and set-top boxes when not in use can reduce electricity bills significantly.
Standby power can account for up to 10% of electricity consumption.
Leaving water heaters on standby is often overlooked and can add to your utility bill.
Make it a habit to do a quick check throughout the day to make sure you have switched off all your appliances.
2. Choose Energy-Efficient Appliances
Opt for appliances with 4 or 5-tick energy ratings.
While these may cost more upfront, they provide substantial long-term savings:
Using a 5-tick air conditioner instead of a 2-tick model saves up to S$270 annually
A 4-tick refrigerator saves up to S$70 per year compared to a 2-tick model
3. Optimize Air Conditioning Use
Air con is one of the biggest culprits to a high utility bill.
One suggestion is to set air conditioner temperature to 25°C and combine with fan use.
Or even better? Just use fans instead.
Fans use less than 10% of the electricity compared to air conditioners.
4. Switch to LED Lighting
Energy-efficient appliances, though costlier upfront, provide substantial savings over their lifetime.
Consider replacing traditional bulbs with LED lights to save up to S$35 per bulb annually.
LED bulbs also have a longer lifespan, providing additional long-term cost savings.
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5. Air Dry Clothes
Clothes dryers consume significant electricity.
Singapore’s climate is ideal for air-drying clothes naturally so we should all take advantage of sunny Singapore.
Alternatively, consider an automated drying rack. There are also useful settings such as UV and germ-killing functions.
6. Use Climate Vouchers
Launched on 28 November 2020, the Climate Friendly Households Programme (CFHP) is a joint initiative by NEA and PUB.
CFHP aims to encourage households to take climate actions to be more efficient in their energy and water consumption, while saving on utility bills in the long run.
From 15 April 2024, the programme has been enhanced to benefit more households.
All HDB households can claim $300 in Climate Vouchers to offset the purchase of 10 types of energy and water efficient appliances and fittings.
Programme ends 31 December 2027. Don’t forget to take advantage of your climate vouchers!
*Multiple families/tenants living in the same registered address are collectively entitled to 1 set of Climate Vouchers for the same registered address/flat.
