Brits are losing out on collective savings of almost £6 billion because they aren’t energy efficient enough, research has found.
The big six energy companies all announced price cuts recently, but the small reduction has done little to help people manage their finances.
Energy bills are still high, but research carried out by uSwitch has found that more than four out of ten households are missing out on big annual savings by not making their homes more energy efficient.
The research found that 43% of households are not improving their energy efficiency, and are missing out on more than £500 in savings each year.
“With winter starting to bite, and recent energy price cuts not going far enough, becoming more energy efficient may be the lifeline cash-strapped consumers need,” said Kevin Sears, energy efficiency expert at uSwitch.
“The average energy bill has been cut by £34 this year, but by spending just £25 on energy efficiency measures such as a radiator booster, households could cut their bills by up to £140.”
The research found that some households have been trying to improve efficiency, motivated by the increasing cost of living.
More than a quarter of households said they were making changes to become more energy efficient, with loft insulation and cavity walls insulation the most popular measures.
“Energy efficiency can be as simple as turning things off when they are not in use or using a standby saver, while using gadgets such as energy monitors or radiator boosters could save you up to almost £200 a year,” added Mr Sears.
“While the bigger investments such as insulating your home may cost more, they tend to offer even better returns. Investing £300 on cavity wall and loft insulation can save £310 a year, meaning you’ll be making a saving by the end of the first year.”
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