Have you been curious about making your home energy efficient (and more eco-friendly as a result), but wondered whether the effort and costs involved are worth it in the long run?
New research looks at the long-term financial benefits of energy efficient home improvements, and the findings are very encouraging. Investing into energy efficient appliances and making structural improvements, such as insulation, do save you money over time, as much as £250 a year, in fact. You just won't see those returns straight away.
MoneySuperMarket looked into energy saving home improvements and considered the initial cost, the time it will take to pay off your investment, and the savings made per month. These are the top performers for savings on your bills:
- Energy saving light-bulbs – fitting your home with energy saving bulbs would cost around £51.80 and could result in financial savings of up to £27.14 a month, which means they’ll have paid for themselves after two months.
- Lagging jackets – an investment of £156 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 – 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. You'd have to be hardcore to use one of these, though.
- Water saving shower head – costing around £16, you could save 52p each month and this investment will be paid after two and a half years.
- Cavity Insulation – you could save over £10 per month on energy bills if you insulate your home correctly. With an installation fee of £4,669, you’ll begin to see a return on investment after three years and seven months.
Stephen Murray, energy expert at MoneySuperMarket, comments, '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 lightbulbs 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.'