HOUSEHOLD bills are soaring so it’s time to make some changes that will benefit your bank balance.

Just last month, a survey found that over half of people are either struggling to afford their everyday home energy needs or won’t be able to withstand any further price increases.

So NOW is the time to make sustainable changes in your home, to help tackle the rising cost of living in the long run.

From energy upgrades, to smart technology and mortgage switching, property expert, Amber Young of RE/MAX Ireland, has some hot tips to help counter Inflation.

The popularity of the SEAI grant schemes for energy-saving upgrades is evident in the huge demand for insulation contractors and renewables installers right now.

But the wait is worthwhile, as these practical schemes are helping homeowners reduce both energy costs and greenhouse emissions.

A minimum BER B2 energy rating must be achieved to qualify for grant support, but this can cover up to 50 per cent of the cost for a family home.

Plus, the value of a home potentially increases by 1 per cent for every level up on the BER scale. So, for an average family home, worth €350,000, going from a D2 to a B2 rating adds over €20,000 to its sale value.

A home can lose up to 30 per cent of its heat through the walls, and another 30 per cent through a poorly insulated attic.

Proper insulation in the roof space, external walls, cavity walls and even the floor will reduce energy consumption, saving money on bills.

Installing new windows or doors can also similarly eliminate heat loss.

Based on a C-rated semi-detached property, with four family members, who use their oil heating for eight hours each day, and set the thermostat at 20C, huge savings can be made.

An upgrade to a B2 rating for this home, via the energy scheme, with a heat pump installed, will mean a 25 per cent reduction in the total energy bill, a 54 per cent reduction in energy consumption, and a 46 per cent reduction in carbon emissions.

Solar panels can also be funded, as well as renewable water heating systems that pay for around 60 per cent of the home’s hot water requirement each year.

Household energy can be managed with smart home tech, where all devices are monitored and controlled from your phone or laptop.

TVs, thermostats, security cameras, lights, and even appliances like the fridge, can be controlled using one automated system.

Smart meters that measure electricity, without the need for estimated readings, help reduce bills and carbon footprint by showing how electricity is used.

Using cheaper, greener electricity at off-peak times is another saving option.

This is usually at night, from 11pm to 8am, so getting a ‘time-of-use price plan’ means much better rates.

When you’ve made energy upgrades, homeowners are entitled to lower mortgage interest rates if a B3 energy rating has been achieved.

‘Green’ fixed mortgage interest rates start from 1.9 per cent per annum, and can lead to significant savings on a mortgage, reducing the monthly payments.

The average mortgage interest rate on new mortgages now is 2.76 per cent, so savings are big. The monthly household saving per €100,000 borrowings would be €43.12, on a 30-year term - 1.9 per cent versus 2.76 per cent.

This equates to an annual saving of €1,293.60 on a mortgage of €250,000 over a 30-year term.

These savings can be used to reduce the mortgage term by months or years too, if you keep monthly repayments at the current level.

This also reduces overall interest paid, for even greater savings. Over the life of this 30-year mortgage, a green mortgage rate at 1.9 per cent can reduce the mortgage term by around four years.

Adding an EV Charging point to your home adds value, from a property point of view, apart from the fuel savings and emissions reduction.

Another Government-funded scheme helps install an electric vehicle charge point to a property.

A grant valued at €600 is allowed for the purchase and installation of a home charger unit, covering about 70 per cent of the typical cost.

Any private owner who has bought an eligible electric vehicle, from January 1, 2018, can apply. Employees who use an electric company vehicle can also apply.

With inflation growing, and big fuel price hikes with us for the foreseeable future, the canny householder now needs to put real energy into money-saving opportunities around the home.

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