Fuel for a wood-burning stove costs roughly £455 a year, according to the SIA. This means a wood-burning stove would cut bills by £531 if a household relied on it solely for heating. 

But the real difference would be smaller than this, as homes are unlikely to rely only on a stove to heat their home.

Given the near-£3,000 installation cost, at current energy prices a wood-burning stove would take more than five years to pay for itself if it was the only device relied on for heating. There are also environmental and health issues to consider with wood burners, although newer models release significantly less harmful particles into a home than older burners.

Meanwhile those who rely on oil, rather than gas or electricity, to heat their homes could save hundreds of pounds.

The average oil-reliant home uses between 1,700 and 1,800 litres of heating oil per year, according to supplier Certas Energy. This would cost roughly £979, according to Boiler Juice, a firm that tracks consumer energy prices. 

When accounting for electricity the total energy bill for these homeowners will be around £1,806 per year, compared to £1,971 for those on a traditional dual fuel bill.