How to pay the electricity bill? Advice and other measures

To the price increases suffered by Spanish consumers throughout 2021, we must add those that were suffered after the outbreak of the Russian invasion of Ukraine. According to data prepared by European regulatory agencies, the price of electricity on the Spanish wholesale market is the second highest in Europe, surpassed only by Italy, the country most dependent on Russian gas for electricity production. This price at the industrial level is also transferred to the domestic sphere, resulting in very high bills throughout the country.

In addition, alternative sources such as wind energy have reduced their production in recent weeks, worsening the electricity situation in Spain. Despite the fact that substantive actions are being studied at government level to reduce these price asymmetries compared to the rest of the continent, promoting greater interconnection of electricity networks, end users continue to have to deal with unpaid bills every month.

Tips for saving energy

The problem of the scarcity of energy and its high price will surely not be solved in the near future. This is all the more true in the context of an energy transition which, for the moment, has only consisted of replacing more polluting sources such as coal with other more expensive fossil fuels such as natural gas. . Therefore, the best option for consumers is to reduce electricity consumption at home, minimizing waste.

In a large part of Spanish families, the basic measures recommended to avoid spending more energy, i.e. regulating the use of heating or replacing old bulbs with LED bulbs, have already exhausted their benefits. It has also become common for many to use the most consuming appliances during the hours when the price per kWh is lowest, which is generally the early morning.

The only way to further limit expenses is to act on the efficiency of household appliances. In recent years, manufacturers have started to launch more energy-efficient versions of all types of appliances on the market, to help reduce the environmental impact of energy consumption in homes. Washing machine, dishwasher and electric oven can be replaced by equivalent products, but which can operate with less energy consumption, which represents tens of euros in savings on the electricity bill over a year .

However, renewing all the equipment in the kitchen can be very expensive, beyond the fact that it is an investment in the future. Having enough money is not trivial, especially when the consumer already has to deal with bills that have been piling up for nearly two years.

Online loans to buy efficient appliances

For this reason, choosing to apply for personal loans is a convenient alternative for people who don’t have the equity to cover the full cost of a set of new appliances. These fast online credits allow you to finance extraordinary expenses of up to a few thousand euros immediately, as they are processed over the Internet by simply filling out a form.

The main advantage of these instruments is that after sending the request to the corresponding financial institution, the client receives the money in his account within a few minutes, which allows him to start buying new equipment without delay and avoid the bureaucracy and paperwork of traditional banks. The process is transparent and the applicant knows from the beginning how much he will have to pay monthly to repay the loan within the established period, which can exceed 24 or 36 months.

However, the interest rate of consumer loans makes them as risky as they are practical. Although with a quick loan you could invest in a renovated kitchen which would save a lot of money in electricity in the long run, the financial cost could become a problem for fragile families with income problems.

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