Looking for ways to save money on heating in the winter? Improving insulation and upgrading to more energy-efficient heating are two solutions that could help you to save a lot of money in the long run. But just which option should you choose? Ideally both. However, considering that they can both be expensive to install, you may only have the funds to invest in one of them now. This post compares the two.
How much can I save by insulating?
Insulation helps to prevent heat escaping your home. This allows your home to stay warmer longer so that you don’t have to crank up the heating as frequently.
About 35% of heat is lost through the walls of a home. Cavity wall insulation is recommended – an average home costs about £725 to insulate and can save you roughly £245 per year, so you’ll make your money back in roughly three years.
An uninsulated roof/loft is also a big source of heat loss – 25% of the heat in your home escapes through the roof. On average, loft insulation costs between £5 and £11 per square metre, with most lofts costing an average of £500 to fully insulate. Loft insulation can save homeowners up to £315 per year, so you could make back your money in as little as two years.
Another 25% of heat loss occurs through windows and doors. Upgrading to double glazing and aluminium doors could make your further savings. Double glazing installation typically costs between £150 to £600 per window, while a new aluminium door can cost between £1400 and £4500. It’s a much bigger investment, but it can similarly save you money in the long run and boost the value of your home considerably.
How much can I save by upgrading my heating?
By upgrading your heating, you can heat up your home while using less energy in the process.
If you’ve got an old boiler (over 10 years old), it could be worth upgrading this to save you some money. A modern combi boiler costs between £1200 and £4000, however it could save you between 25% and 35% on your gas bill.
A smart thermostat could be another way to save money. Such thermostats can be turned on remotely, put on a timer or even programmed to stay within a budget. Many homeowners save between 10% and 20% on their energy bills by switching to smart heating.
Of course, there’s also the ultimate energy-saving investment, which is to switch to solar-powered electric heating. Solar panels are a big investment – a single panel costs between £350 and £500. How much does it cost to switch your entire energy supply to solar power? For most homes, this would require about 12 solar panels, costing roughly £4800. This is a big investment – but it could prevent you from ever having to pay an energy bill again.
Which is the better investment?
Insulation tends to be more affordable and you can usually make a faster return. Loft insulation will typically make you back money the fastest.
Of course, upgrading your heating can have a big impact too, however it is better suited for those planning to live in their home for many more years to come. Solar panels are the most expensive investment, but will save you the most amount of money in the long run.