People redecorate to save money on bills
Saturday, 26 August 2006 12:00
The rising cost of bills has encouraged people to redecorate their homes in an attempt to save cash, Halifax has said.
A survey by the bank, which is also the UK's largest mortgage lender, finds that high gas and electricity bills have led over a quarter of people to carry out home improvements in the past year.
With prices from British Gas having risen by 91.1 per cent since 2003, and electricity by 81 per cent, the average household now spends around £1,135 a year on energy bills, the Halifax home improvement survey reveals.
Research from the gas and electricity consumer group, Energywatch, also finds 85 per cent of consumers are concerned by energy costs, and 99 per cent are trying to cut their bills.
Today's Halifax report finds that of the one third of respondents who had made fuel saving improvements, 45 per cent did so by fitting double glazing. Recent figures from the National Energy Foundation suggest this can knock £20 and £30 off a yearly energy bill.
New loft insulation was the second most popular energy saving measure with 41 per cent saying they had done this. Other measures included fitting a new boiler; draught proofing; and fitting new radiators.
The report also shows that less than a quarter of people, 22 per cent, had taken up energy saving grants.
Of those surveyed, one in five planned to make energy saving home improvements within the next year - with 24 per cent planning to spend under £500, 15 per cent up to £1,000, and 17 per cent between £1,000 and £2,000.
While only two per cent said they would spend between £4,000 and £6,000, five per cent said they would be paying over £10,000.
The National Energy Foundation recommended the energy saving light bulbs, which use about a quarter of the electricity of normal light bulbs but last eight times longer, taking £5 off a yearly energy bill.
A solar water heater is the most expensive - but the best - way of keeping bills down, the Energy Saving Trust argued. With a 50 per cent government grant, the solar powered boiler costs around £8,000 and saves between £80 and £100 on annual electricity bills.
Jon Sykes, the head of mainstream mortgage products at Halifax, said: "Making energy and fuel saving improvements could save householders hundreds of pounds a year. Energy savings will help to offset the rising cost of gas and electricity."
For more information on energy saving grants visit www.est.org.uk.
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