Rising energy prices ‘the biggest threat’ to household finances (From Kidderminster Shuttle)

Rising energy prices ‘the biggest threat’ to household finances

2:00pm Wednesday 24th October 2012 in Lifestyle

A Stourbridge expert says a recent survey that revealed rising energy bills are the biggest concern for UK consumers should spur householders into action.

Last week findings from the national YouGov’s Household Economic Activity Tracker (HEAT) showed that gas and electricity prices were the biggest perceived threat to residents’ standard of living, ahead of unemployment in second place, rising inflation in third, followed by taxes, state benefits and interest rates.

Commenting on the findings, Colin Priest, who lives in Quarry Bank, said: “With British Gas putting up its prices by 6 per cent and other major energy suppliers expecting to follow suit it is understandable that people are worried. “But they can take steps now to offset these increases, particularly after the Government announced last week that it has set aside a budget of £125 million for its Green Deal cash back scheme,” he said.

Under the plan, home owners in England and Wales will be able to receive up to £1,000 in cash for any energy saving home improvements, and is guaranteed for the first £40 million of the budget. From January 28, 2013, residents who make improvements to turn their homes more green such as by loft insulation, solid wall insulation, replacement windows, boiler upgrades, energy efficient lighting, renewable energy installations and heating controls will be able to qualify for the scheme.

Energy Secretary, Edward Davey, said: “This cash back offer will help get the Green Deal off to a flying start as the more work householders have done, the more energy they stand to save and the more cash they receive.”

The offer is limited to one per household but can encompass several energy saving improvements within the household as long as the owner is contributing to installation costs and that the work done is overseen by an authorised Green Deal provider.

Colin, who works for Noreus Ltd in Stafford, added that it provided a great opportunity for private or social landlords who can also benefit from the cash back offer providing they are paying for the improvement costs themselves.

The move will also help the Government achieve its own carbon emission targets and provide residents with warmer homes and lower energy bills who at the same time will take control of their energy costs.

One way to cut your energy bills under the Green Deal would be to spray foam your loft with the Icynene Insulation System which is an environmentally friendly investment for your home and comes with a lifetime warranty (www.icynene.com). Colin added that this non-toxic system forms an air-tight seal in the attic and reduces heating bills by up to 50 per cent as it literally stops heat going up through the roof. For more details about energy-saving call Colin on 0845 474 6641.