Experts have told households about a way they could save hundreds of pounds on their energy bills. Charges have recently gone up again and are a big burden for many struggling families.
One way households could get their bills down is by replacing an older boilers. This could either be with a more modern and efficient boiler or an heat pump.
Heat pumps are much cheaper than traditional boilers. Installing them is costly however, between £8,750 and £14,050 on average, so will be out of reach for many people.
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However, there are grants and support potentially available to help with installation costs. For those who can afford installation costs, it could be worth it in the long run, potentially saving £290 a year on energy bills.
Insurance experts Alan Boswell Group said: “Replacing an outdated boiler with an air source heat pump can cost between £8,750 and £14,050 on average, offering year-round benefits such as cooling and dehumidifying. These systems generate three to four times more energy than they consume, potentially saving homeowners up to £290 annually on energy bills, with a 14-year break-even period.
“Additionally, the Boiler Upgrade Scheme can provide up to £7,500 off installation costs for those in England and Wales.” They added: “On a budget? Opt for budget-friendly upgrades like a smart thermostat which costs between £120 and £220, to minimise energy waste.
“Another low-cost option is radiator reflector panels (£30–£100), which improve heat distribution throughout your home. These panels are most effective when placed on exterior walls, where heat loss is most significant, helping to reduce heat loss by up to 45%.”