Published: 02/05/2023Homeowners making improvements to their property are being advised they could save more than £1,000 a year by installing smart technology as part of their renovation work.
Research by Post Office Personal Loans has found eco home improvements have helped homeowners save money over the longer term on energy bills whilst also cutting their carbon footprint.
Smart meters, smart thermostats and smart radiator valves were among eco-friendly installations homeowners were choosing to make their homes more sustainable.
But insulation was also among the upgrades which were rising in popularity according to the Post Office.
Indeed, it said there were 2.2 million ‘smart’ homes in the UK, with 52% of Brits claiming that saving money on their bills was the main motivation for adding eco home improvements to their property, along with and cutting their carbon footprint.
To help anyone considering making these upgrades, the Post Office produced the following table illustrating the appliances and upgrades which are most likely to lower energy bills. It also calculated the potential amount of money that can be saved when installing them.
|Energy-efficient appliance||What it does||Potential saving|
|Smart meter||Controls the amount of energy you use by setting energy budgets||£480 per year|
|Smart thermostat||Shows energy consumption in real-time and adjusts heating||£311 per year|
|Floor insulation||Reduces draughts and makes the home warmer||£110 per year|
|Smart radiator valves||Controls heating schedules for each individual radiator in the home||£70 per year|
|Smart lights||Uses 90% less energy than traditional lights – can be controlled from a phone app||£55 per year|
Ed Dutton, director of financial services products at the Post Office said: “Looking back at the previous year, we’ve seen how many homeowners are looking to save money and are now choosingeco-friendlyhome technology as part of their renovation projects.
“From floor insulation to installing a smart meter: we have investigated the most efficient and popular ways to create a smart space for your home and how much it can help save in a year.
“While some home improvements can cost thousands, there are some smaller tactical ways to opt the effectiveness of your home and save you some money, that can be beneficial for every homeowner in the UK”.
Bigger home improvement projects which can prove valuable
The Post Office said, for those looking to invest in their property there were some larger – albeit more expensive – home improvements which could also help to save money.
A loft conversion, for example, costs on average around £38,750. It’s energy efficient, because it helps to keep other rooms warm, but it also increases the value of the property by up to 20%.
It also said replacing an old roof, or windows and doors could make your home more energy efficient and help lower your energy use. It might be more costly, but it was a worthwhile investment that can pay for itself with the money saved in the long run, said the Post Office Personal Loan.
Source What Mortgage