Research undertaken by the New Policy Institute (NPI), an independent think-tank, has uncovered an alarming truth relating to trends in domestic energy bill savings in the UK. According to the ‘Missing Millions’ research, up to 3.6 million domestic energy consumers are missing out on potential savings because they are neglecting to claim for insulation grants.
It is thought that average annual savings of around £250 could be achieved by insulating a typical property. However, the financial cost and perceived time involved in ensuring that cavity walls are filled and lofts are insulated can seem overwhelming for many homeowners. In fact, where the cost of such measures is relatively high, the £250 average annual saving, which has been endorsed by research for the Home Heat Helpline, does not always appear to make sound financial sense to property owners.
In practice, research suggests that £150 per year can be saved by loft insulation and a further £115 per year can be saved by undertaking cavity wall insulation. Furthermore, the Missing Millions research claims that millions of people on working tax credits, pension credits, disability or unemployment benefits are missing out on opportunities to secure one of several home insulation grants that are provided under the Carbon Emission Reduction Target scheme. Moreover, those aged 70 or over are eligible for the free home insulation grant, which means that approximately 1.3 million households can apply for the grant. In light of increased fuel poverty, a lingering economic recession and rising energy bills, there is arguably no better time than the present to insulate the home. Indeed, ensuring that loft and cavity wall insulation is carried out in the home can lead to savings that can help to soften the blow of further energy bill rises, so it really is advisable for homeowners to find out whether they are eligible for a home insulation grant.
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