Renewable or energy efficient appliances? How long does it take to start seeing a return? MoneySuperMarket has revealed the costs and savings associated with the most readily available renewable energy sources and efficiency-improvers around the home.
Renewable energy, defined as an energy source that is not depleted when used, offers the greatest monthly savings at £28.33 on average a month. But due to expensive machinery such as solar panels and wind turbines, the average setup cost is £7,237.73. This means that despite the reduction in bills per month, it would take over 21 years and three months to pay off the installation before you would see a substantial saving.
On the other hand, efficiency measures, including energy saving lightbulbs and reduced-water shower heads, offer an average of £6.92 in savings each month. With initial costs averaging at £762.59, it would take nine years and two months to pay for themselves.
Highlighted below are the options that could save you money today:
Stephen Murray, 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.”