Britons can save upto £12,000 in energy bills within five years – how to prepare your home | Personal Finance | Finance
Households are preparing for the energy price cap to go up in October which is set to rise to over £3,500. Families are already being hit hard by the cost of living crisis which has seen inflation reach a 40-year high of 10.1 percent. However, it is possible to make certain home improvements which can make people a decent saving on their energy bills.
Research carried out by Norton Finance broke down which six home improvements are most helpful in reducing household energy bills.
Draught-proofing
Notably, draught-proofing was found to be one of the most inexpensive and effective ways of completing this, while also being the most accessible.
Experts from the firm explained: “DIY draught-proofing starts at just over £3 for a roll of self-adhesive draught-excluding tape.
“Block up unwanted gaps around windows, doors and chimneys that let cold air in and warm air out. Doing this could save around £669 on fuel after five years.”
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Roof insulation
The firm also highlighted roof insulation as being a cost-saving measure which could save thousands of pounds down the line.
“Just like going out in cold weather without a hat, as much as a quarter of heat can be lost if your roof isn’t insulated.
“The loft of a mid-terrace house costs around £500 to insulate with 270mm insulation, saving you over £2,000 on bills after five years. You’ll also reduce your carbon footprint by about 530kg every year.”
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Wall insulation
Wall installation can also save households over £1,600 over a five-year period despite being expensive in the short-term.
New boiler installation
Households are also being encouraged to take advantage of the Government’s Boiler Upgrade Scheme to improve their boiler’s energy efficiency.
According to Norton Finance, those who live in a mid-sized house can save up to £3,000 on bills if they get a newer model.
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Double glazing
The energy experts noted that double glazing can save households a sizable amount of money on their energy bills.
They added: “Some 20 percent of heat can be lost through standard windows. Invest in energy-efficient double-glazed windows to make savings of over £2,600 in heating bills over five years.
“Plus, you’ll be sure to enjoy the peace and quiet that goes along with double glazing.
“Installation costs average out at around £4,500 for A-rated PVC windows in the average semi, compared to around £15,000 for A-rated hardwood windows.
“Double glazed windows can reduce the CO2 emissions of a typical household by three quarters of a tonne every year.”
Solar panels
Finally, installing solar panels is another home improvement recommended by Norton Finance to bring down energy prices.
The firm said: “These days, an average solar set-up will cost £6,500 all-in. But if you’re a householder who’s home all day, it’s estimated that a 4.2kW set up will save you £1,028 a year -that’s over £5,000 in five years.
“Most homes have upwards of 12 panels; that’s 10.8 tonnes of carbon saved every year, not to mention money paid back to you thanks to the smart export guarantee.”
