Looking to save money on the cost of running your home but aren’t sure where to start?
Most homeowners will happily invest money into their houses to improve how it looks, to add space, or indeed add future selling value.
But with the recent increases in energy prices, more of us are starting to research home investment ideas that can help save money too.
If that’s you, then this is the article you need! Here are five different ways you can invest now to save money in the future.
Upgraded heating system
How we heat our homes has a massive impact on our energy bills – something that has been thrown into stark contrast since energy prices began to rise.
Older, often rural properties with electric storage heaters are likely to see the most expensive bills, followed by properties with older, less efficient gas boilers.
Upgrading your heating system can be expensive as a one-off cost, with the average price of a new central heating system starting from around £2,250, but with energy prices the way they’re going, it should repay itself in around four-five years.
Mains gas remains one of the cheapest ways to heat a home, so consider upgrading your boiler to one that has 90%+ efficiency instead.
Or, if your older home still relies on electric storage heaters and is off the gas mains network, then it would be worth looking into air-source heat pumps.
The type of heating your home has directly impacts its value too. Whilst upgrading to a more efficient and cheaper-to-run system may be expensive in the first instance, the ongoing savings on your bills, and the added value to your home if you decide to sell, should greatly outweigh the initial expense.
Smart home technology
The growing home tech market has made a huge difference in how we run our homes. We now have more visibility than ever as to how much power we’re using, and how much our hourly usage is costing and the tools to help save money too.
For example, a smart metre is a fantastic way to monitor energy usage throughout the day – and it’s also interesting to test which appliances cost the most to run.
Controlling your heating and lighting from your phone is also a great investment to help save money, whilst slightly more expensive individual radiator controls can ensure that heat is only pumped into rooms that need it, rather than your entire property all at once.
Additional power sources
If you have a larger budget, then one home investment idea that can help you save a lot of money is to invest in additional power sources.
Solar panels, for example, have become more efficient and cheaper to install over the last decade. A solar system with a power-storage unit, fully installed, can cost upwards of £20,000. Though a solar system alone, without a battery, will more likely cost around the £6,000 – £10,000 mark.
This is a huge investment for the vast majority of homeowners. However, good solar panels will save you at least £405 a year on your energy bills, and you could make money by selling excess energy back into the grid too.
On average, you should reach break even in about 14 years. But you should be able to recoup more of that investment in one go, through added home value if you decide to sell.
There are additional power sources you can investigate too. Properties with some land could look at small turbines with the right planning consent, though the machinery and install costs mean that this option tends to only make financial sense for commercial properties, such as farms.
Conservatory roof insulation
Did you know that around 80% of the heat pumped into a typical conservatory will escape through the roof?
This is a major headache for the two in 10 homeowners who have a conservatory, especially as energy bills skyrocket. Some of us will start thinking whether it’s worth heating the space at all and just consigning it to summer use!
Here at Sagars, we specialise in insulating conservatory roofs, with the vast majority of projects completed in just one day with minimal disruption to your household. And not only will a properly-insulated roof save you money on your energy bills, but it could also increase the value of your home.
Take a look at some of the wide-ranging benefits of insulating your conservatory roof here.
Put your garden to work
Most of us lucky enough to have a large garden see it as a space to relax, socialise and potter around on a sunny Sunday to keep things looking smart.
But gardens have a fantastic capacity to be productive spaces and are well worth a little investment.
The rise in home-grown food and becoming more self-sufficient, as well as a little inspiration from popular shows like Love Your Garden and Garden Rescue, has seen an upswell in homeowners rushing to the nearest garden centre to buy vegetable seeds, herb plants and raised planters.
If you get productive at growing your own, you will notice the effect on your weekly food bill. And any excess food you produce you can always look to box up and sell to neighbours and friends too!