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2023 energy trends: about your energy bills

November 29, 2022
Calculator and some pennies on a sheet of paper

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Right now, many people see their energy bills go up each month and are wondering how to cope; taking into account what is happening in the world and in the energy sector, it’s not surprising energy prices are rising.

However, learning more about what is going on is the perfect way to figure out what you can do about it. People who know more about energy trends are more capable of taking action to stay within their budget.

So what are the most important energy trends to keep track of in 2023? Read on to learn about them.

Energy Trends Show Decreasing International Supplies

One of the main reasons energy bills keep rising is of course international unrest around the world, which has disrupted traditional supplies of energy.

Although the total amount of energy in the world remains constant, vast sections of the planet find it challenging to acquire power from the countries they used to get it from.

Of course, as supplies become harder to come by, demand for easily accessible supplies goes up. The inevitable result is an increase in energy prices.

One of the difficult things about this situation is that it cannot be solved simply by charging less for energy. If people or governments try to pay less for power, they will find that other entities are willing to keep paying higher prices.

When you couple decreasing supply with recent increases in inflation, it’s no wonder why so many people these days have issues paying their energy bills.

Energy Usage Continues to Go Up

It's one thing for energy supplies to be low. However, it's unfortunate that this is happening at the same time the demand for energy is reaching higher levels than ever before.

In many households, the air conditioner alone is responsible for more than half of total household energy consumption! That proportion may rise even higher as summers get hotter and people turn their thermostats down even more.

On top of everything else, the developing world is becoming more industrialized and is increasing its energy demand. With increased demand in new parts of the world, prices go up for everyone.

Renewable Energy Use Is Also Rising

On the other hand, there is plenty of good news. Many renewable energy sources are proving to be a viable alternative for traditional sources. Although we still have a long way to go, conventional energy suppliers will find fewer and fewer people to buy from them in the years to come.

In fact, the current energy difficulties are encouraging many countries to invest more in renewable energy and a green lifestyle. Europe is building more and more nuclear power plants. Around the world, people are beginning to make more and more use of solar energy.

Solar energy technology continues to improve, increasing the efficiency of solar panels. Within just a few years, we might find that solar energy will be more affordable than almost any other option available on the market.

More People Are Looking for Ways to Lower Their Bills

As countries invest more in renewable energy, individual households also look for ways to lower their energy bills. Most people use one of two strategies.

In the first case, you can decrease energy costs by reducing total energy usage. Many people find that a simple investment in home insulation can significantly reduce how much energy it takes for their heating system to maintain a comfortable temperature.

On the other hand, some people are trying to lower their energy costs to meet their budget by finding ways to generate more energy. Many people consider now a better time to buy home solar panels than at any other time in history.

Solar panels are more efficient than ever, and traditional energy sources are becoming more expensive. That makes solar panel energy more valuable than ever before!

Understand the Biggest Trends Affecting Your Energy Bill

The more you keep up to date on the latest energy trends, the better you can predict what will happen with your energy bill each month. Many people wait and hope that things will get better on their own without realizing that there are things they can do today to improve their situation. Finding the best way to lower your energy bills requires keeping track of the latest energy trends.

To discover new ways to easily manage your finances, check out the budgeting tool and joint account that bunq offers.

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