Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
Save £££ a Year with Simple Home Upgrades
Annie
4th Jun 2024
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A new study by Smart Energy GB revealed that homeowners who make a few simple upgrades could add tens of thousands of pounds in value to their property – and save hundreds of pounds in energy usage every year.
The survey of 2000 households revealed that the average bill payer saved nearly £300 in a year with a few energy-saving tactics, including using smart meters to monitor and reduce their energy usage. Almost 63% of respondents invested in improving the efficiency of their home in the last year, which resulted in an average saving of £283.90 on their energy bills.
Energy Saving Moves That Save Money
Survey participants revealed some of their changes were small alterations in their usage behaviour, as well as home improvements. A huge 62% said they think more about their energy usage around the home than they did ten years ago, while 23~% said they want to make green improvements to their home this year for future sustainability.
The most popular home improvements that led to energy savings were boiler upgrades, insulation, and draught proofing – and a massive 3.3million smart meters were installed last year, helping people watch their energy usage in real time.
What Rightmove Says
While survey respondents felt they added around £3,000 to their home’s value with simple energy-saving measures, property website Rightmove have some surprising estimates to add to this figure.
For homeowners that improve their Energy Performance Certificate (EPC) rating from an F to a C, their estimate is that a property’s value will increase by 15%. In money terms, for an average house that’s a whopping increase of £55,848.
The survey reveals, too, that three-quarters of people now look at the EPC rating when considering buying a house, compared to just 38% ten years ago. Most respondents also said they’d be prepared to spend an average of £6,360 to install sustainable features in their home – and 25% of homeowners think upgrades for energy efficiency are now more important than aesthetic improvements that are simply done to improve how a property looks.
Upgrades Don’t Need to Cost a Lot
Home improvements might sound like they’re an expensive investment to improve your home’s sustainability and energy efficiency. But Smart Energy GB Director, Victoria Bacon, says:
“Smart meters are installed at no extra cost by your energy supplier and are a tool that more and more Brits are using to help them find ways to reduce their energy use day-to-day, which can have a noticeable positive impact on energy bills over time. They also open up access to reward schemes which offer money off energy bills.”
MoneyMagpie’s Energy Efficient Upgrade Tips
As part of Smart Energy GB’s campaign, we’ve partnered up with them to share some energy efficient tips that will help improve the sustainability, efficiency, and value of your property. Try these if you want to save money on your annual energy bills and nab a little extra when you decide to sell your property.
- Shop around to get quotes from local tradespeople before you start any energy efficient home improvements. The prices can vary wildly. Remember to check what’s included in a price, too – the cheapest option isn’t always the best.
- Switching out single glazed windows for double glazing rated A or A++ can save up to £235 each year AND reduce your CO2 emissions by around 405kg a year.
- Thermal curtains prevent heat escaping through windows and are an inexpensive way to improve the energy efficiency of your home. Make them yourself! Sew a PVC shower curtain to the inside of your existing curtains, and then line them.
- Solar panels are a more hefty investment, as they cost around £4,000 – £6,000. But they are great for improving your EPC rating and can even make you money if you generate more power than you use. They can generate 2,600 kWh each year and take on average seven years to pay for themselves.
- Install a smart meter if you haven’t got one already – it gives you greater financial control, access to discounts or reward schemes with energy suppliers, and helps you (and your family) become more aware about your energy usage.
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