The Energyand Climate Intelligence Unit (ECIU) hasjust released estimates that a household that moves over to an electric car and uses energy savings equipment could save more than £1,600 a year over another that uses gas and a fossil fuelled car. This goes to prove that systems to improve your energy efficiency can start paying for themselves in very short order.
With inflation and energy price hikes, ahousehold using an electric car and with better insulation saved an average of £1,000 a year over that of one that uses a fossil fuelled car and gas or oil
central heating, as against £620 in 2021. With the prices of petrol, diesel and natural gas set to increase significantly this coming year, that figure is set to grow.
Natural gas prices have gone up 97% in the lastyear, while petrol has gone up 30%. Neither fuel is set to see a fall in the near term so there is real impetus for homes to go over to electric cars and to use heat pumps to heat their homes. The ECIU found that an EV was £780 cheaper a year to run in May 2022 over a petrol vehicle - and £980 by the end of June this year.
By this time next year, the combined savings couldhit £1,600 a year over not switching over.
ZPN Energy’s Take
The HEMS can work with heat pumps as well assolar energy. While until recently such systems were a bit of a luxury, given the rocketing prices of gas and petrol it makes sense to install such systems as there is no reason to believe we will see such prices fall in the near term. As such, an investment could well pay for itself in around seven years, by which time energy prices will be astronomical!