Energy Efficient Ways To Cut Your Bills
Making energy efficient changes to your home could save you over £200 per year.
Renewable or energy efficient appliances…how long does it take to start seeing a return? New research reveals that installation costs of efficient homes are paid off 12 years faster than those using renewable energy – so homeowners can start saving more quickly.
A solar oven is found to be the only renewable energy technique where you will see a return on your investment in less than five years, according to figures released by the UK’s leading price comparison website, MoneySuperMarket, while efficient home improvements take an average of nine years and two months to pay off, but offer an average saving of £6.92 a month.
Renewable energy, defined as an energy source that is not depleted when used, offers the greatest monthly savings at £28.33 on average a month. But due to expensive machinery such as solar panels and wind turbines, the average setup cost is £7,237.73. This means that despite the reduction in bills per month, it would take householders more than 21 years and three months to pay off the installation before they would see any substantial saving.
On the other hand, efficiency measures, including energy saving light bulbs and reduced-water shower heads, offer an average of £6.92 in savings each month.
Energy efficient switches
• Fitting your home with energy saving light bulbs would cost around £51.80 and could result in financial savings of up to £27.13 a month, which means they’ll have paid for themselves after two months.
• Lagging jackets – an investment of £15 to insulate your hot water tank could save around £1.67 each month on heating, meaning costs will be covered after nine months.
• Solar ovens use just the light of the sun to cook food, meaning no energy is required and could save you £9.30 a month. They are a little more expensive at £188.64 on average, and will take a year and eight months to cover their own costs.
• Costing around £15.99, you could save 52p each month fitting a water saving shower head – and this investment will be paid after two-and-a-half years.
Stephen Murray, energy expert at MoneySuperMarket, commented: “Energy bills are one of the most significant regular payments made by any household, regardless of your living situation. If you’re looking to make some savings, you don’t have to make big changes to your home – simply switching to energy saving light bulbs can be a good starting point. “As a first step, it’s always worth reviewing your energy provider to see if you can save money without spending anything. Taking the time to search for a more competitive tariff can save you £250 a year or more.”
• For more information, visit moneysupermarket.com/gas-and-electricity/renewable-vs-efficient