I’m an power professional: This is how first-time dwelling consumers can minimize their payments
- Ovo energy expert explains what new homeowners need to know
With the Government’s changes to stamp duty having just come into effect, there will have been a glut of first time buyers frantically pushing for their house purchases to go through in time.
The last thing a new homeowner wants is to shell out even more money than they need to on electric and gas, so many will be looking to keep bills down.
And others might want to make improvements that reduce the environmental impact of their home.
But what can you do to ensure your bills are as cheap as possible? What on earth is an EPC rating, and is it worth investing in double, or even triple, glazing?
With the help of Celia Rumbold, energy expert at utility firm Ovo, we explain what those moving into their first home need to know.
Efficient: New build homes often have a better EPC rating than older properties
Why does energy efficiency matter?
An energy efficient home reduces your impact on the planet, but it will also be less painful for your finances as less energy will be needed to heat or cool your home, in turn reducing your energy bills.
Taking energy efficiency measures could also add value to your property when you come to sell.
Another unseen benefit of an energy efficient home is that it could leader to lower costs for home insurance.
When you buy a home, you must be given an energy performance certificate (EPC) by the previous owner. This shows how efficient the property is currently, and makes suggestions about how it could be improved.
Rumbold says: ‘Taking the time to read an EPC and understand it won’t just help you estimate your running costs, it could lead to big savings – or boost your property’s value – in the future.’
What is an EPC rating?
Every home has an EPC rating, which ranks your property from A, the most efficient, to G, the least.
The higher the EPC rating, the lower your energy costs will be.
The average EPC rating of UK homes is D, with older homes having a worse rating, while new builds have an average rating of B.
Improving your rating can not only bring down your energy bills, but also boost the value of your home.
However, when looking to buy a property, listings will often just display the rating letter, without any of the detail behind it.
Using the Government’s EPC tool enables you to find out more about a property you are considering.
EPC ratings last for a ten-year period, so if the rating is due to expire, there could be improvements that have been made but aren’t yet listed.
Rumbold said: ‘Reading the EPC in full is time well spent. It helps you plan for running costs, future upgrades, and could even help you add value to your property when it’s time to sell.’
Celia Rumbold says even small improvements can make a significant difference to your energy bills
How expensive are energy improvements?
The cost of improvements can vary greatly.
For example, installing solar panels or battery storage will offer significant improvement to your EPC rating, as well as reducing reliance on the national grid, but these are also some of the more expensive home improvements.
There are, however, cheaper changes that can be made.
Rumbold says: ‘Around 10 per cent of a home’s heat is lost through windows, so installing double or triple glazing can help you retain more heat, improve energy efficiency and potentially boost your EPC.’
Similarly, improving your new homes’ insulation will help to reduce heat loss, especially in older homes.
Loft insulation and roof insulation can be a cost-effective way of doing so, while cavity walls and solid walls can both be insulated too.
Improvements to insulation are one of the most common EPC recommendations.
Where do I start with home improvements?
An EPC will set out ways that the energy efficiency of your home can be improved, as well as what energy efficiency measures are already in place.
Rumbold said: ‘A great place to start is looking at your EPC or bringing in an expert to do a top-to-bottom assessment of your home’s energy efficiency.’
It might be tempting to go all-out with a big ticket home improvement, such as a heat pump or battery storage, but Rumbold warns that doing so before you have addressed other problems could mean this tech doesn’t make the savings you quite hoped for.
She said: ‘If you are planning on greener tech investments, it’s a good idea to take a “fabric first” approach.
‘This means focusing on the conservation of heat, identifying and tackling your property’s main heat loss hot spots – like walls, lofts, and floors – first before you buy your new tech.
‘Your home will lose less heat and will maximise the efficiency of any new tech, including things like smart heating controls.’
Even if major changes are out of budget, there are quick wins that could cut your bills and help you save for bigger improvements.
If you can’t afford to splash out on double glazing, for example, Rumbold says even making use of draught-excluder tape could help to cut heat loss in your home and save £45 per year.
According to Rumbold, turning off appliances properly, rather than leaving them on standby, could cut your energy bills by £45 per year.
Meanwhile, lowering your thermostat by 1 degree could save you as much as £90 per year.
It is worth noting that it isn’t recommended to heat your home to less than 18 degrees during winter.
Switching halogen bulbs to LEDs could also save £4 per bulb annually.
