Use Your Savings To Make Your Home More Eco Friendly

Experts have repeatedly said that millions of pounds is wasted on electricity bills and home heating costs by people across the UK. By not having your home property insulated and prepared to hold on to the heat, most of the energy consumed and heat produced in the home will simply escape through the roof and wall cavities. In a way, it is almost like just throwing money away. None of us would dare through away a £20 note on the street, so why are the majority of us throwing away hard-earned cash every year by not getting our homes properly insulated?

This all seems very well and good, but when it comes down to the hard maths of it all, insulating your home properly against the harsh winter weather elements is not going to be cheap. It is estimated that installing double glazing windows and fitting padding in the walls and in the roof could set an average householder back more than £10,000. With most of us struggling to make ends meet these days, coming up with that kind of cash may seem more than a little daunting.

That is where a savings account may come in useful. It may take a while to save up the cash to have the work done to make your home more eco-friendly, but it will be a very worthwhile investment once you feel the difference in the temperature and see the reduction in your fuel bills. As it makes sense to get the work done as you save the money up, the best savings accounts may well include the cash ISA. Depending on how much you expect it to take you to save up the cash and the work you expect to have done, this will help determine the best isas suitable for you and your personal circumstances.

The savings rates on fixed term ISAs are generally higher, meaning you will see a greater return on your investment compared to investing it in an easy access savings account. Although it may seem like an easy decision to make if you are getting more interest back on a fixed term ISA, this may not always be the best option for every individual as there is a reason why the higher interest rate is offered. As the name suggests, this account offers a rate for a specified fixed term, so the saver is under an obligation to keep their savings in the bank for a set period of time. If they need to withdraw the money before this timeframe has elapsed, there could be added fees added on, while there could even be the risk of all interest earned on the account up until that time being lost. In this respect, for the saver worried about any unexpected bills that may crop up, putting money away in this type of account may not always be the most sensible option.

Of course, there is also the option of choosing an easy access account, which means that if you do change your mind about getting double glazing installed or insulating your roof space, there will be no fees involved. Being able to access your money whenever you want comes at a price though, and this will usually mean getting a lower interest rate from the bank. This may also mean it may take you longer to actually save up the money you need. That said, for some people having instant access to their cash whenever they need it while still getting some interest paid on top (no matter how small) is still a bonus.

With the government planning to drastically cut CO2 emissions over the next decade, making this decision now to invest your savings in making your home more eco-friendly will be a step in the right direction. With the reduction in fuel and heating costs, the home will be cheaper to run and the whole installation will probably pay for itself over the course of a few years.

Using less fuel and not having to have the heating on around the clock will not only be wallet friendly, it is also very friendly to the environment as there will be fewer emissions being released into the atmosphere.

Using your hard-earned money and savings on making your home more eco-friendly is not just about helping the environment or cutting the cost of the winter fuel bill, however. Thanks to an increased number of campaigns to recycle and be kinder to the environment, along with added pressure from the government to look after our planet, more of us are looking for eco-friendly features in homes. By installing these features now, you will be making your home more desirable to any potential buyers in the future as they will be able to see its green credentials. As the loft and wall insulations will already be in place along with the double glazing, the benefits will be clear for any house hunter to see. Not only will this appeal to them more increasing the chance of the property being sold, it will more than likely increase the value of the property, too.