The rising cost of inflation has made life a bit more difficult for everyone! It has hit nations across the globe, affecting different people in numerous ways. As a result of this inflation, commodity prices have gone to an all-time high, making it almost impossible for many communities to keep up with this rise.
One primary reason behind increased commodity prices is the rise in energy prices. It is evident that as energy prices increase, commodities’ rates will increase in the same fashion. Increased energy prices have affected every sector of the economy in one way or another.
Individually, you can perform certain functions to manage the energy crisis, such as comparing free power company recommendations to make sure you have the best deal on your energy bills.
This article gives a detailed account of the reasons behind the rise in energy prices and what you can really do about it.
Why Are The Energy Prices Augmenting?
Here are some of the reasons of high energy prices:
1. The Increased Demand Coupled With Low Supply
As a general rule of economics, as the demand for a product increases, its price also augments if the supply is steady. With more businesses venturing into the market, energy usage increases. However, when the supply of energy remains uniform, the prices increase. This leads to some drastic disruption in the status quo.
The post covid era has resumed global activities, leading to a demand for increased energy usage. With the consumption being increased but supply remaining stable, prices have sky-rocketed.
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2. Lack Of Infrastructure
Many countries across the globe lack an updated infrastructure. This archaic machinery can’t support any enhancement in the production of energy. The world has to rely on the already available sources of energy, which are depleting.
As the traditional energy sources are depleting, for instance, fossil fuels, the energy prices are increasing. Therefore, only those who can afford to pay for carbon-emitting from fossil fuels can afford it now!
3. The Import-Export Fiasco
Most countries import energy as they can’t produce it themselves. This gives the power to the exporters to manipulate the energy prices.
Furthermore, a single disruption in the working of the global market can drastically affect the balance of payments. It also blocks the supply and demand chain, leading to increased energy prices.
What To Do About Rising Energy Prices?
On your individual and personal level, you can do lots! There are a number of ways through which you can manage this price rise on a micro-level. Some tips that can help you in this regard are as follows:
1. Get Your Home Insulated
If you live in a country with extreme weather conditions, having an insulated home helps a lot! Whether it’s the intense heat of the weather or the cold that bothers you, insulating the home will go a long way for you. It will help you save nature AND energy simultaneously!
Insulating a loft requires you to pay somewhere around two hundred dollars. However, this one-time cost will help you save a lot on monthly energy bills. In addition, your home will remain warm in winter, and you won’t need to turn on the air conditioning during summers.
2. Cook Food In Huge Batches
If most of the time your stove remains on, you should try to cook considerable batches in a single go. Home cooking can lead to a lot of energy consumption, especially if you have to do it daily. On average, the estimated power usage of cooking in the house is thirty percent of the overall energy consumption.
Making food in a pressure-cooker would save time and energy. Apart from this, use huge pans and cook a week’s worth of meal in a single go. This way, you would be able to save a lot of money in terms of energy bills every month.
If you are not really used to cooking in bulk, the internet is your best friend. There are several guides out there that will help you make huge chunks of food without compromising on the taste. Internet not working? Simply check out the internet outage information and troubleshooting and get ahead with the process!
3. Opt For A Renewable Source Of Energy
The solar panel system is gaining a lot of popularity amongst people in today’s time. Even though its installation may require you to pay a hefty amount, once you get it installed, it will pay you off in the long run.
Solar energy is renewable, automatically making it efficient and cost-effective compared to traditional energy sources. You can have better control over the energy usage in your home and office. Apart from this, it is a reliable system, and you can store energy for the future for more reliability.
Play Your Role
Inflation is a never-ending phenomenon, and energy prices will keep increasing globally. If the big players in the energy market don’t do anything substantial in this regard, nothing can control this price augmentation. However, personally, there are lots of ways through which you can manage your energy consumption. This will help you bring your utility bills down to a great level!
So, what are you waiting for? Take the necessary steps and help your planet BREATHE!
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