Household energy bills have increased by 54% since April 2022 and although the energy price cap was introduced to help homeowners, there are still ways in which we can make our homes more energy efficient.
We caught up with Tom Baker, Co-founder of Solar Mate - the start-up trying to make the UK more energy self-sufficient to hear his top energy-saving tips.
Insulate your home
Insulating your home more efficiently can reduce your bills by up to 15% each year. Properly insulating your walls, loft and floors will cost around £3,500 for a typical 3-bedroom terrace house, however, insulating an older building will cost a lot more.
There are also grants available to help homeowners save money on insulation such as:
ECO4 - Up to 100% of the costs
Home Upgrade Grant - Up to 87% of the costs
Home Energy Scotland - Interest-free loan for 100% of the costs
Use your appliances more efficiently
Washing machines, dryers and dishwashers equate to around 7% of the average UK home's electricity usage. If you wash your clothes at a lower temperature, use an eco-friendly setting on your machine and dry your clothes outside, rather than using a tumble dryer, you can dramatically reduce your bills.
Upgrade your boiler
By upgrading your boiler to a more efficient combi boiler, homeowners can expect to save up to 35% on their energy bills. A new boiler will cost you between £1,500 and £3,500, including the installation. Homeowners can also use the boiler upgrade scheme to cover part of the cost of replacing the boiler.
Install solar panels
If homeowners can reduce their dependence on fossil fuels by using renewable energy sources, they can significantly reduce their energy bills. Solar panels are now an extremely affordable option, with a typical 4kWh system, suitable for a 3-bedroom home now costing in the region of £8,000. Homeowners can reduce their bills by up to 80% and even sell excess energy back to the grid if a battery is installed with the system.
Switching your energy provider or product
Due to the current market, it becomes harder to save money by switching energy providers, however, it is always worth comparing suppliers to see if there is a better deal available. It's also worth noting that most fixed tariff contracts are more affordable than variable tariff deals. This means you could save money switching products with your current provider.
Conclusion
Although energy prices have significantly increased since 2022, energy prices fell in the summer of 2023 and are expected to fall again in April 2024. This said, there’s no reason to think energy prices will come down dramatically anytime soon. The best way to reduce your bills is to become more energy self-sufficient.
