How to cut your annual energy bill by almost £1,500!

Energy costs in the UK are soaring, but making some improvements around your home could you cut your annual bill by almost £1,500.

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

Cheerful mature couple sitting and managing expenses at home.

Image source: Getty Images

Energy bills are rising in the UK, putting pressure on many household budgets. And it seems there is no respite in sight, as bills are forecast to rise even further in 2022.

With this in mind, metalwork treatment experts Jenolite have carried out research on how families can save money on energy costs. They’ve found that by making some improvements around the home, homeowners can save nearly £1,500 on their annual energy bill. Here is everything you need to know. 

Inflation Is Coming

Inflation is out of control, and people are running scared. But right now there’s one thing we believe Investors should avoid doing at all costs… and that’s doing nothing. That’s why we’ve put together a special report that uncovers 3 of our top UK and US share ideas to try and best hedge against inflation… and better still, we’re giving it away completely FREE today!

Click here to claim your copy now!


Why are energy bills going up?

A five-fold increase in global wholesale gas prices this year is largely to blame for the rise in energy bills.

In response to the rising wholesale prices, Ofgem, the official regulator of the energy market in the UK, raised the energy price cap last month. The energy price cap essentially limits the amount that suppliers can charge their customers for energy.

For those on the standard default tariff (about 11 million households), the price cap is now £1,277 per year, an increase of £139 or 12%. For customers on prepayment tariffs (around four million households), the price cap has increased by £153 to £1,309.

In a nutshell, 15 million UK households are facing an increase of 12%-13% in their energy bills.

According to one research firm, if wholesale energy prices continue to rise, costs might jump by as much as 30% by next summer.

Some energy providers have not been able to cope with the rising wholesale energy prices and have already gone bust.

How can households save on their energy costs?

According to Jenolite, UK homeowners could save £1,497 annually on their energy bills by making home improvements. These improvements include:

  • Maintaining boilers and making sure that they are working correctly, which could save you £245 annually on your energy bill.
  • Replacing old radiators, which could save you up to £370 a year.
  • Ensuring that your windows are well-sealed, which could save you £192 a year.
  • Adding underfloor heating to make savings of approximately £240 a year.

Regular home maintenance and improvements can also prevent further issues and damage that could prove costly in the long run.

This includes:

  • Checking for and fixing leaky pipes. Leaky pipes can be easily fixed by using a suitable sealant, which costs around £13, and a pipe bandage that costs about £22.
  • Regularly servicing boilers to reduce the chances of them breaking and needing to be replaced or repaired. It costs around £80 a year to service a boiler, whereas replacing one could cost you north of £1,500.
  • Checking windows are properly sealed to prevent water from getting in. If water gets in via broken seals, this can result in frames becoming damaged and moldy. Replacing a whole window and frame could cost you as much as £1,200.

The full findings of the research can be found on Jenolite’s website.


Can I get help with my energy bills?

If you are finding it hard to keep up with your energy bills even after making home improvements, the good news is that you might be able to get financial support.

You could be eligible for the Warm Home Discount, for example. This is a one-off payment of £140 to help people on a low income or pension with the cost of energy during winter. The payment is usually added as a credit to your energy account at some point between October and April.

If you were born on or before 26 September 1955, you could also be entitled to the Winter Fuel Payment, an annual tax-free benefit worth between £100 and £300 to help with your heating costs.

Your supplier might also be able to offer other types of assistance. This could include grants, debt relief, and even payment breaks or more time to pay your bills. So, if you are having problems paying your bills, don’t hesitate to reach out.

More on Personal Finance

Note paper with question mark on orange background
Personal Finance

Should you invest your ISA in a model portfolio?

Which model ISA portfolios offer both high performance and low fees? Hargreaves Lansdown, Interactive Investor and AJ Bell go under…

Read more »

Economic Uncertainty Ahead Sign With Stormy Background
Personal Finance

Is it time to exit emerging markets investments?

Investors may well be sitting on losses from emerging markets funds. Is it worth keeping the faith for a sustained…

Read more »

Personal Finance

Share trading? Three shares with turnaround potential

Share trading has been difficult in 2022, but which companies have turnaround potential? Jo Groves takes a closer look at…

Read more »

Man using credit card and smartphone for purchasing goods online.
Personal Finance

Revealed! Why Gen Z may be the savviest generation when it comes to credit cards

New research reveals that Gen Z may be the most astute when it comes to credit cards. But why? And…

Read more »

Environmental technology concept.
Personal Finance

The 10 best-performing sectors for ISA investors

The best-performing sectors over the past year invested in real assets such as infrastructure, but is this trend set to…

Read more »

Road sign warning of a risk ahead
Personal Finance

Recession risk ‘on the rise’: is it time for investors to worry?

A major global bank has suggested the risk of a recession in the UK is 'on the rise'. So, should…

Read more »

pensive bearded business man sitting on chair looking out of the window
Personal Finance

1 in 4 cutting back on investments amid cost of living crisis

New research shows one in four investors have cut back on their investing contributions to cope with the rising cost…

Read more »

Image of person checking their shares portfolio on mobile phone and computer
Personal Finance

The 10 most popular stocks among UK investors so far this year

As the new tax year kicks off, here's a look at some of the most popular stocks among UK investors…

Read more »