Energy Tariff Hikes: How to Lower Your Household Energy Costs

Jul 24, 2023 | Energy Management, Facility Management

As the energy landscape in Nigeria undergoes significant changes, households and even commercial property occupants face the challenge of managing energy costs amidst an impending surge in tariffs. By adopting smart strategies and leveraging innovative technologies, such as Venco’s smart meters, households and commercial property users can gain valuable insights and take control of their energy usage. In this blog, we will discuss four tips for tracking and managing energy consumption in the wake of rising energy costs, and how our smart meters can help you automate and optimise the process.

In case you missed it, here’s why energy tariffs are rising in Nigeria;

Different factors have contributed to the rise in energy costs recently, but the latest follows the recent exchange rate reforms in Nigeria that caused the official rates at the I&E window to significantly increase from ₦460/$ to over ₦750/$. According to Steers, the Nigerian Electricity Regulatory Commission (NERC) is considering using roughly ₦650/$ to buffer the impact on consumers – while this is slightly lower than the current I&E rates, you may be paying up to 41% more on energy.  Hence, the expected increase, with tariffs for Band A customers potentially increasing from around ₦70/kWh to over ₦90/kWh.

If you’re worried about the impending surge, here are some practical steps to help you track and manage your energy consumption effectively and buffer the effect of the tariff surge on your budget.

1. Track Your Energy Usage in Real Time:

The first step to optimising your consumption and spending on energy is to review what you currently spend. This can help you identify sources of energy wastage. For example, with Venco Smart Meters, you can access instantaneous energy consumption data. By having access to real-time information, you can identify peak usage periods and make conscious decisions to reduce energy consumption during those times.

Did you know that: You can monitor consumption and check energy usage from anywhere without needing physical access to your meter? Click here to learn more about our smart meters

2. Set Consumption Goals:

Establish specific consumption goals tailored to your household’s needs. With a clear target in mind, you can work towards reducing overall energy usage or targeting specific appliances that consume the most energy. For example, you might set a goal to reduce your energy consumption by 20% over 2 months. To achieve this goal, you might make changes such as turning off lights when you leave a room, using energy-efficient appliances, and adjusting your thermostat to reduce cooling costs. By monitoring your energy usage and progress towards your goal, you can stay motivated and make adjustments as needed to achieve your target and lower your energy costs.

3. Switch to Energy Saving Appliances:

After Identifying energy-hungry appliances within your household by understanding which devices consume the most energy, you can make informed decisions about their usage. Consider adjusting your appliance usage patterns or upgrading to more energy-efficient models to minimize consumption and save on energy costs. Some energy-efficient alternatives can save you up to 30% on energy.

4. Smart Plugs and Sockets:

Smart plugs and sockets allow remote appliance control and help track and manage individual appliance usage at home. These devices enable convenient monitoring and control of energy consumption through a mobile app. Smart plugs and switches offer full control over connected devices and appliances with real-time energy tracking, remote control, and scheduling options. Integrating these devices into energy-saving strategies can optimize energy usage and reduce wastage. If you are interested in using our smart plugs, click here to order them for your household or community

By combining these energy-saving tips with VENCO’s smart metering solutions, households can unlock substantial savings and maximize their energy efficiency. Learn more about our solutions for communities and how we can help you manage energy more efficiently with our smart meters –

If you live in a community that’s yet to use Venco, click here to get started

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