Study reveals how Brits could save over £1,000 on energy bills each year

As energy prices and the cost of living continue to rise, property owners are searching for ways to reduce their energy consumption and save money. 

In response, CIA Landlord Insurance has researched methods to increase a property’s efficiency, revealing just how much owners can save on their energy bills by implementing these measures. 

Ground source pumps can cut energy bills by over £1,000 per year 

Ground source pumps are the most energy-efficient property addition, saving a predicted 257.5 kWh each month in energy and £1,107.50 per year in bills. Unfortunately, although ground source pumps offer good energy savings, their high cost of £20,000 means it will take 18 years to break even on your investment.

Installing a grey water recovery system to recycle used water can save property owners another 251.2 kWh of energy per month, and £1,080.54 per year in bills. Other top methods include installing loft insulation and wind turbines, which can both reduce yearly energy bills by over £500.

A £16 tank jacket could save property owners over £300 every year

For Brits looking to energy-proof their properties for the least amount of money, CIA Landlord Insurance evaluated the time required for each energy-saving method to break even.

According to their research, insulating a hot water tank with a tank jacket is the most cost-effective method to give energy efficiency a boost. For just £16, property owners can reduce their energy bills by up to £311 a year, with an average break even time of just 2.5 weeks. 

Installing a smart thermostat is another cost-effective option, costing £199.99 upfront but saving an average of £228.65 in the first year alone, with a break even time of 10.5 months. Other top money-saving methods include loft insulation and LED Light Bulbs, which both take under two years to reach break even. 

CIA Landlord Insurance also highlighted some of the top benefits of an energy-efficient property:

• Saves money. Improved energy efficiency will save money on bills, increase property value, and decrease the cost of home or landlord insurance. 
• Protects the environment. Cutting down on energy use and shifting to renewable energy sources such as wind turbines and solar panels benefits both your wallet and the environment.
• Conserves heat in cold weather.  Methods like loft insulation and draught reduction are particularly helpful in winter, when low temperatures often lead to a rise in energy bill costs.

To find out more about the best methods to boost energy efficiency in properties, you can find the full study here: https://www.cia-landlords.co.uk/news/the-most-effective-energy-saving-purchases-for-your-property/