How to wipe out the £700 energy bill increase with a £242 investment

The average household is now paying nearly £700 more for gas and electricity this year after the energy price cap climbed to £1,971.

Traditionally, the quickest way to cut bills was to shop around for a better deal from another provider. But this is no longer possible, so households have to find more creative ways to cut their bills.

Instead of donning a hairshirt and living abstemiously, there are some small investments to make around the house that can cut your costs – potentially offsetting the price cap rise ­altogether. 

Carrying out all the changes listed below will cost £242 but save you £953 on your energy bills a year – ­creating a total saving of £711.

Even if your investments are not outweighed by the saving this year, these small changes will easily pay their way. After all, energy bills are forecast to remain high into the 2030s.

Draught excluder

Spend £10, save £30 a year

Draught-proofing your front door is one of the easiest and cheapest ways to cut energy use. Draught excluders can cost as little as £10 and could save the average home £30 a year in heating bills, according to The Eco Experts, a comparison service.

Insulate your loft

Spend £100, save £180 a year

Loft insulation typically costs around £300 for installation and pays for itself in a few years.

However, you can save hundreds of pounds if you do it yourself. Insulation costs around £20 for an 8 sq m roll, so the typical loft would cost less than £100 in materials, according to My Builder, a tradesmen’s website.

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