Have you noticed the energy bills on your solid wall property are getting more expensive?
As global wholesale energy (gas and electricity) prices reach an all-time high, global energy consumers have been warned to expect a spike in energy prices. This is a major concern for many UK homeowners and businesses, especially in the current economic climate. There are, however, two simple solutions to this problem: loft insulation and external wall insulation!
In this blog, we will take a closer look at the reasons for rising energy costs in the UK, and how you can combat these by investing in loft and external wall insulation as a long-term, money-saving solution.
Read on to find out more about how loft insulation and external wall insulation can save you money and cut your household energy bills in the long run!
Why are energy prices rising?
So, why exactly have the global wholesale energy prices increased? And how does this affect your energy bill?
When we say global wholesale energy prices are rising, this means the price that energy providers pay for gas and electricity has risen a lot. Unfortunately, this has had a knock-on effect as providers have been forced to increase consumer prices to stay afloat.
In the coming months, we are likely to see our energy costs greatly increasing. Some providers have already introduced these changes, with many others expected to follow suit shortly.
For reference, between January 2021 and December 2021, wholesale prices rose by 250%. This has since pushed the prices that consumers are expected to pay up significantly.
There are two possible explanations for this:
- Europe experienced an unusually cold winter last year. This created a strain on the usual quantities of energy supplies.
- 2020 gave way to extremely hot weather conditions in Asia, requiring an increase in energy used for air conditioning.
Together, these forces created the energy crisis we’re experiencing now.
How does this affect your energy bill?
Well, the simple answer is that if energy is in short supply, there is more competition for it among providers. More competition for resources means that providers are forced to increase the prices they charge their consumers so as to combat this.
This has already been seen in government policy. For example, there are plans in place for the current price cap of energy to be increased from April 2022.
This could mean that the average household energy bill could see a rise of as much as £900 per year.
How can I combat rising energy costs?
The fuel poverty charity, National Energy Action, has warned of the damaging effects of expected energy price rises on millions of households. That said, the charity’s Chief Executive, has said that good quality insulation is the most effective long-term fix.
While there are lots of different energy saving measures you can install on your property, there are two that provide the biggest bang for your buck:
- Loft insulation
- External wall insulation.
These are the best solutions to lower your energy bill because it is in these two areas where maximum heat loss occurs – out of the ceiling and out of the walls. If you can reduce the rate of heat loss, then your heating system doesn't need to work as hard.
Let’s look at loft insulation and external wall insulation in a bit more detail.
What is loft insulation?
So, what is loft insulation?
Quite simply, heat rises. Loft insulation involves installing insulation material just above the ceiling of the top floor of the property, or directly underneath the pitch of the roof. This reduces the rate of heat loss out of the property.
Approximately 25% of heat loss occurs through the roof of the property in uninsulated buildings. However, if you install 270mm (recommended as part of building regulations) of loft insulation, this can minimise heat loss through this part of the building.
By limiting the level of heat that escapes through the roof, you won’t require as much use of your heating. This will save you money on your energy bills in the long term.
Loft insulation is cheap and easy to install so it is definitely worth doing if you haven’t already done so. Even topping up existing insulation is a good idea as the more insulation in the loft space the lower the rate of heat loss!
How much money can loft insulation save me?
As with many insulation calculations, the amount of money you could save depends on a couple of factors. The costs and savings associated with loft insulation depend on:
- Type of house.
- Size of house.
- Age of the property.
- Insulation material used.
- Whether it already has insulation installed.
That said, Energy Savings Trust has estimated that loft insulation can reduce your energy bills by as much as £240 per year (depending on the factors above)! This is quite a significant saving and will stand you in good stead against rising energy prices.
What is external wall insulation?
Much like loft insulation, external wall insulation (EWI) is a good way of insulating your property. It simply involves installing an insulation system (including insulation materials, mesh, thin coat render, fixings, etc) onto the exterior of your property.
At EWI Store, we stock a wide variety of insulation materials that are compatible with many different substrates. You can read about the materials required for the likes of insulating blockwork properties, brickwork properties, pebbledash, and many more here.
How much money can EWI save me?
Much like loft insulation, external wall insulation can help save you money as a long-term solution to rising energy prices.
But how much money can it actually save you?
Much like loft insulation, the costs and savings associated with EWI depend on the house type, size, if it has prior insulation installed, and the type of material used.
Energy Savings Trust have estimated you can save up to £455 (depending on the above factors) per year with a good quality EWI system. This is a great way to prepare for rising energy prices in the coming years!
Find out more!
If you want to find out more about our insulation systems and materials, speak to one of our representatives on 0203 0340022.
You can also shop our external wall insulation systems by components:
If you liked this article, you might be interested to learn about how EWI can reduce your carbon footprint too!