Making your home efficient can save you on average, £200 per year.
The key question everyone asks themselves is how long does it take for you to see a return on your investment (ROI) when it comes to renewable or energy-efficient appliances.
Thanks to the data supplied to us by MoneySuperMarket, we can reveal the costs and savings around these areas.
Statistics reveal it could cost you around £7,237 for solar panels and wind turbines which would result on average a saving of £28.33 on average per month. This means it will take you 21 years and three months to pay back the installation fees before profiting from the move.
On the other hand, if you go about measuring your energy efficiency – a simple change of energy-saving lightbulbs and reduced water shower heads could save you around £28.33 on average per month. However, this comes at the cost of £762.59p, which means it would take you nine years and two months to pay off your investment for you to profit from this move.
A smaller investment can be on things such as a lagging jacket; this keeps your hot water tank insulated and comes at the cost of around £15 which in return can reduce your monthly bills by £1.67 each month – that means nine months to pay off your investment and profit from the move.
Stephen Murray, an energy expert at MoneySuperMarket, commented: “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.”
You can read the full study here.