It seems that the average homeowners may be better off simply turning down their thermostat and adding insulation to save money on their energy bills as opposed to spending huge amounts of money on expensive improvements.
The Electricity Policy Research Group (EPRG) has suggested that simple tactics may actually be more cost effective. Assistant director Dr Michael Pollit speaking at the Cambridge Judge Business School, suggested that turning down the thermostat by one degree or lagging the hot water tank may be more than worthwhile.
However it has been pointed out that the government’s strict energy targets will eventually mean that householders will have to spend more money. Pollit says that more expensive measures are not as cost effective but will still be required. However the government will be offering some help towards these costs via the Green Deal.
According to the Energy Saving Trust turning down the heating thermostat by just one degree could result in an annual saving of 10 per cent or around £50 each year. They also suggest other easy money saving ideas such as closing curtains, turning off lights, using energy saving light bulbs to save £45 over the life time of the bulb and installing basic insulation.
Meanwhile more expensive energy saving measures such as installing solar panels could cost as much as £12,000 and this may not be repaid in the form of lower bills for at least 10 years.