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1 Home Investment That Can Save You Thousands On Your Energy Bill

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Since February 2022, the whole world has felt the impact of the global energy crisis as a result of the Russian invasion of Ukraine. It has sparked rising costs for natural gas as the U.S. and the European Union (EU) have taken action to become independent of Russian oil and natural gas. The impact on living costs has reached billions as natural gas is used to generate electricity, supply heat, and power public transportation.

Because natural gas is the key driver of this global inflation, it has prompted urgency for a new solution. One that meets both the energy crisis and the climate crisis. Some have turned to electric cars, renewable energy, solar panels, and simply just reducing gas consumption.

One overlooked, yet simple, solution that can reduce your gas use by up to 20% annually is boiler replacement. That translates to up to $600 a year in savings.

But how is boiler replacement better?

Sure, using less heating is a great idea in general and would also save you money, but during the winter months, heating is often a necessity. Rather, we should be looking at the root of the problem.

COPYRIGHT_WI: Published on https://washingtonindependent.com/ebv/home-investment-that-can-save-you-thousands-on-your-energy-bill/ by Habiba Ashton on 2022-08-27T12:25:54.991Z

That is why as we see natural gas prices continue to rise, our focus should be on how energy efficient our home appliances are. There are two main factors at play when it comes to energy efficiency.

The first is that as your boiler ages, its energy efficiency deteriorates. After 10 years, your boiler can lose as much as 30% of its energy efficiency.

The second factor at play is that if your boiler is 10-15 years old, it is losing out on condensing boiler technology that drastically increases energy efficiency and reduces how much you spend on fuel.

How do I invest in a new boiler?

If you find the new boiler cost a barrier to making this transition, then you’ll be glad to know that many governments encourage homeowners to be more energy-efficient by providing grants and incentive schemes. For instance, the Boiler Upgrade Scheme in the UK provides grants up to £5,000 when upgrading to more energy-efficient heating systems.

Once you get a new boiler, there are some ways that you can look after and maintain your new home investment. The most recommended tip by professionals is to get annual boiler services to check on the efficiency and the internal components of the boiler.

Annual boiler services can help you catch any defects or faulty components before they worsen into a larger financial burden.

Can I do more to reduce energy bills?

At the end of the day, reducing your carbon footprint and reliance on gas is the best you can do for the planet and your wallet. Boiler replacement is just the first step to do this, but if you want to have a more positive impact, then instead of replacing gas boilers with a new one, switch to renewable energy to significantly save on money and reduce your CO2 emissions.

In fact, 92% of American homeowners have considered installing solar panels to help save on utility bills, so if it interests you, then you’re not alone!

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About The Authors

Habiba Ashton

Habiba Ashton - BCS Growth Fund (Israel) L.P., a private investment fund specializing in investments in technologically focused businesses with high growth potential, employs Habiba as an analyst. Mrs. Ashton served as an analyst and information manager at the Israel International Fund, the first Israeli venture capital fund designed specifically for Japanese corporate investors, prior to joining BCS. Habiba graduated with honors from Israel's College of Management with a B.A. in Business Administration.

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