Top 5 money-saving tips every homeowner should know
The money saved by cutting energy costs and applying other money-saving techniques could go towards your dream holiday, a new car or a horse-riding class (you know, if you’re into that). Whatever the size of your wallet, making your money work harder for you is good practice. Here are five smart tips for money-savvy homeowners.
Consider installing a water meter
When the water supplies are sufficient, it costs you 2p to flush the loo. When it doesn’t rain and water companies need to import water from abroad, the price can rise to about two quid per flush — and that makes you think, doesn’t it? Installing a water meter is free and having the option to monitor your water consumption can help you slash your water bill. If you use little water (or less than the average estimated consumption for a similar household), there’s an opportunity to save a few hundred per year.
Taking shorter showers is another effective way to save money, although it will come at the cost of your shower time. You can save up to £7 off your energy bill every year by spending one minute less in the shower. The savings could go up to £12 if you have a water meter. And if everyone in a four-person family committed to cutting their shower time, the tactic would lead to a total saving of £80 a year.
Pay less for electricity by getting battery storage for solar PV
If your house is fitted with solar panels, installing a battery storage system is the next natural step. Solar battery storage system allows any homeowner to store electricity generated by their solar panels so that it can be used any other time. Yes, you can sell the unused electricity back to the grid and get paid for it, but only at a fraction of what it would cost you to buy back. Electricity prices shoot up during peak times, such as in the late afternoon or evening. So instead of buying energy when it’s at its most expensive, you could install a smart battery and save up to £600 per year on your energy bills.
Don’t have solar panels yet? Here are 4 key benefits of solar PV and batteries that will help you see their potential.
Save money on heating by insulating your home
Wall insulation, loft insulation, double glazing, draught-proofing — these are all effective ways to insulate your home, significantly reduce heat loss and lower your heating bills. In an uninsulated home, a quarter of heat is lost through the roof. Insulating your attic, loft or flat roof can be a real game-changer, helping you to cut down on the heating costs. While it can seem like a substantial investment, loft insulation is effective for at least 40 years so it will pay for itself many times over. Another popular saving method is installing double glazed windows. Research shows that, thanks to double glazing, heat loss can be reduced by up to 50%.
Regardless of which method you decide to go with first, the important lesson here is that the sooner you act, the more you will save.
Switch to LEDs
Something as simple as switching your standard light bulbs to LED bulbs can save you money and help the environment. LEDs require much less electricity to power and last much longer. For example, a 60W halogen light bulb would be replaced with a 9W LED — that reduces electricity consumption by 85%! LED bulbs now come in a variety of shapes, sizes and fittings, giving you plenty to choose from. The ROI on LED bulbs can be as high as £500+ in just three years.
Recycle, recycle, recycle
You have a special bin, make an effort to recycle glass and plastic bottles and sometimes Amazon delivery boxes, but that’s about it, correct? What many people don’t realise is that recycling and reusing could lead to handsome savings. Here are a few tips wildly shared amongst passionate recyclers (even if they don’t help you save thousands, they’ll sure put a smile on your face):
- Recycle ink cartridges: if you’re a Tesco Clubcard holder, you can get up to 125 points, worth £1.25 to spend in-store, for each cartridge recycled. The website cashforcartridges.co.uk gives around 50p for a cartridge.
- Use carrier bags as bin liners.
- Recycle old Christmas cards by cutting out the picture and using it as a gift tag next year.
- Declutter your house: sell everything you no longer use or need on eBay or Shpock.