Households are bracing for the energy price cap to rise in October, which is expected to hit over £3,500. Families are already being hit hard by the cost of living crisis which has seen inflation hit a 40-year high of 10.1%. However, there are some home improvements that can provide people with decent savings on their energy bills.
Research by Norton Finance has identified the six most useful home improvements for reducing household energy bills.
Notably, draft protection has proven to be one of the least expensive and most effective ways to achieve this, while also being the most accessible.
The company’s experts explained: ‘DIY Draftproof starts at just over £3 for a roll of draft proof tape.
“Block unwanted spaces around windows, doors and fireplaces that let in cold air and hot air. It could save around £669 on fuel after five years.
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The company also pointed to roof insulation as a cost-saving measure that could save thousands of pounds down the line.
“Just like going outside in cold weather without a hat, up to a quarter of the heat can be lost if your roof isn’t insulated.
“The attic of a mid-terrace house costs around £500 to insulate with 270mm insulation, saving you over £2,000 on bills after five years. You also reduce your carbon footprint by around 530 kg every year.
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Wall-mounted installation can also save households over £1,600 over a five-year period, although it is costly in the short term.
New boiler installation
Households are also encouraged to take advantage of the government’s boiler upgrade program to improve the energy efficiency of their boiler.
According to Norton Finance, those living in an average-sized home can save up to £3,000 on their bills if they buy a newer model.
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Energy experts have noted that double glazing can save households a considerable amount of money on their energy bills.
They added: “About 20% of heat can be lost through standard windows. Invest in energy efficient double glazed windows to save over £2,600 on your heating bills over five years.
“Plus, you’ll be sure to enjoy the peace and quiet that comes with double glazing.
“Installation costs average around £4,500 for A-rated PVC windows in the semi-medium range, 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 ton each year.”
Finally, installing solar panels is another home improvement recommended by Norton Finance to lower energy prices.
The company said: ‘These days an average solar installation will cost £6,500 all in. But if you’re a householder who’s at home all day, it’s estimated that a 4.2kW installation will save you £1,028 a year, or over £5,000 over five years.
“Most houses have more than 12 panels; that’s 10.8 tonnes of carbon saved each year, not counting the money that is paid back to you thanks to the smart export guarantee.