Right across the UK, energy bill prices have risen sharply thanks to the recent energy price cap increase. The price cap has risen twice in the past few months: once in October 2021 when it rose by £139 to £1,277, and then again in April 2022 to £1,922.
Furthermore, as reported by the Telegraph, the energy price cap is set to be increased again this October and could reach £2,800.
While this is likely contributing to the ongoing cost of living crisis, rising energy prices could be driving homeowners to make eco-friendly improvements to their properties.
Indeed, a new survey reported by MoneyAge, shows that attitudes are changing when it comes to making green home improvements. The survey found that more than half of people stated that rising prices were making it more likely they would implement energy-efficient measures.
The survey also shows that the pace at which green home improvements are being made is increasing; 16% of homeowners were planning to make these green improvements in Q1 of 2022, but this figure increased to 22% by Q2.
So, with such an apparent change in attitudes towards green home improvements, what are some of the best ways you can make your home eco-friendly? And how will doing so benefit you? Continue reading to discover exactly why.
Green home improvements do more than just help the environment
The obvious result of making green home improvements to your property is that it can significantly reduce your carbon footprint, thus helping the environment.
Green home improvements come with other fantastic benefits too. Doing so has the potential to cut your energy bills, which during the current cost of living squeeze, could be a welcome relief.
In fact, according to the Treasury, a typical family having solar panels installed would save more than £1,000 in total, then £300 annually on energy bills.
You may also be able to increase the property value of your house if you were to make green home improvements. Many prospective buyers out there are starting to see the benefits of owning an eco-friendly home, making them highly sought after. As such, they could increase the value of your home.
There are lots of different green home improvements to choose from
If you were planning to make eco-friendly home improvements to your property, then now could be the perfect time for you to do so.
That’s because the government recently announced they are removing the VAT on the installation of solar panels, heat pumps and roof insulation. This could substantially cut the costs of your proposed improvements.
If you are still trying to decide which improvements to make to your property, you have a good variety of choices. These include:
Solar panels
When you think of green home improvements, the first thing that probably pops into your head is solar panels. As the name suggests, solar panels capture sunlight and convert it into electricity using photovoltaic cells.
Solar panels are a fantastic source of green energy with countless benefits. Aside from the fact that the energy they produce is completely renewable, they also have relatively low maintenance costs. For example, they only need to be cleaned once or twice a year, though you can hire specialised cleaning companies to do this for you for just around £30.
According to Ideal Home, a solar panel system would roughly cost you between £2,000 and £6,000 depending on how much space you have on your roof. You may even be able to cut some of the costs as some local councils are offering incentives for having them installed.
A typical 3 – 4kW solar panel system will usually take up 15 – 20 square metres of roof area, and better yet, you can sell any excess energy back to energy companies.
Heat pumps
Simply put, a heat pump captures warmth from outside and moves it into your home. These are typically cheaper to run than conventional boilers, which could end up saving you some money.
While they are typically more expensive than other green home improvements – usually between £7,000 and £13,000 according to Which? – they will go a long way in helping you save money.
In fact, since heat pumps run so efficiently, Which? also predict that, for every unit of electricity the heat pump uses, it generates three units of heat.
If the cost is deterring you from having a heat pump installed, this may be the perfect time to make the switch from your old boiler as new government grants were introduced in April that could cut up to £5,000 from the cost of a heat pump.
Insulation
According to Which?, loft insulation can help you save up to £315 a year on your energy bills, depending on your home.
Having it installed is also much cheaper than some of the other home improvements; depending on the size of your home and the type of insulation you want installed, Ideal Home reports that this should roughly cost:
- Between £7.75 and £11 a square metre for sheet insulation
- Around £5 a square metre for blanket insulation
- Between £5 and £7.50 a square metre for loose-fill insulation.
If you are thinking of insulating your property, the loft should be your first port of call since heat rises, and this will be where most of the warmth will likely be escaping.
Then, if you want to go further, you can insulate the wall cavities. You may also want to draft-proof as much as possible, which is usually a quick and cheap way to keep your home warm.
Energy-saving bulbs
The Centre for Sustainable Energy states that energy-saving lightbulbs can use up to 90% less electricity than older bulbs, all while producing the same levels of light.
When it comes to price, energy-saving bulbs are by far the cheapest avenue you can take while still having effects on your energy bills. Granted, they typically cost more than standard bulbs, but they do tend to last much longer and will burn through far less energy.
Get in touch
If you want to undertake improvements to your home and you need to raise money, please get in touch. Email enquire@london-money.co.uk or call (0207) 808 4120 to find out more.