How Much Does It Cost To Run Electrical Items in My Home?

How Much Does It Cost To Run Electrical Items in My Home?

One of the things prompting this question has been our recent heatwave. Record breaking warm spells, not just driving people outside to the beaches and pools, but also to the shops to buy fans and air conditioning units.

As Peter Kay once said, “I like it warm, but not this warm”, or something like that.

As the weather changes and gets warmer you see everyone getting outside, looking like they are on their holidays, and the main topic of conversation is of course, the weather.

So how much does it cost to run a fan all night to cool us down and let us get a comfortable night’s sleep when it is warm?

Beside the cost of the fan, the cost on average is 7.2p for 8 hours of run time.

Which on its own doesn’t seem like much to pay for a good night’s sleep. However, all our little electronics running here and there can add-up.

If your average monthly electric bill is £50 or more, that is £300 a year, or more.

And it can add-up even more depending on which utility provider you have, and if you have a pre-paid electricity meter. Pre-paid meters tend to have a higher tariff than those who pay their utility bills on a monthly tariff.

Average Costs per year:

Iron: £4.50

TV (LCD flat screen): £29

TV (plasma): £95

Kettle: £24

Fridge: £23

Over: £42

Hob: £33

Toaster: £3.18

Vacuum cleaner: £2.60

Radio: £5

Desk computer: £24

Laptop: £4

Printer: £3

Modem/router: £8

Hair dyer: £3

Hair straighteners: £1

As you can see, it all adds up.

So how can you save money on your electrical bill?

Switch suppliers: Shopping around and switching suppliers can save you money. It may take a little time on your part, but it can be worth it.

There are some companies that will find the best deal for you based upon your usage and advise you who to switch to.

Smart meters: For some the use of smart meters and monitoring what electrical items are running and their costs can save us money, as we are more aware of what is running and its costs.

Energy efficient appliances: When the time comes to buy a new fridge, hoover, kettle, etc, look at the energy ratings. It is more costly to buy more efficient appliances, but you can work it out saving you money down the road.

Turn it off: If you are not using something electrical, unplug it and turn the outlet off. Outlets left in on mode may only use a small amount of electricity, but it all adds up.

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<strong>What is Our Criteria For Applying?</strong> 
Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”” data-mce-href=””>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”” data-mce-href=””>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”” data-mce-href=””>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.