Invest in utilities-saving schemes, Brits urged

With the effects of the global economic slowdown showing no signs of abating, it is no wonder that millions of Brits are simply looking to the short-term when it comes to their personal finances, with a worryingly high number simply concerned with how they are going to meet their next gas bill or mortgage repayment.

However, given the extent to which utilities bills are expected to rise over the next few years as wholesale supplies dwindle, consumers have been urged to look to the long-term future and, however difficult or painful it may be, to invest the money now in order to make significant savings in the future.

Reassuringly, growing numbers of consumers are coming around to this way of thinking.

According to the recently-published Hidden Value Guide from the Energy Saving Trust, Brits are increasingly willing to pay more for an energy efficient home, with some happy to invest as much as £15,000 in order to keep both their bills and their environmental impact down.

With this type of cash, homeowners are able to make use of all the latest breakthroughs in the field of small-scale green energy, not least wind turbines and solar panels on the roof.

However, just as with switching utilities suppliers, it is often the case that the simplest and cheapest steps are the most effective.

For example, the Energy Saving Trust recommends investing a few pounds in an insulating jacket for a hot water tank, with this initial outlay likely to be more than recouped in a matter of weeks over a cold British winter.

Likewise, a few pence spent on ensuring that fridge and freezer doors are sealed tight can not only cut back on electricity costs, but can also help to keep food fresher or longer, thereby allowing consumers to slash their weekly groceries spend.

Though welcoming a trend towards greater energy efficiency, a spokesman for British Eco Energy still called on more Brits to take the initiative and take positive steps towards helping their bank balances as well as the environment.

"Gas is going up, electricity is going up, if you can save yourself money and can make yourself more eco-friendly then more people will go for it," he said.

"Try and go for it if you can. If you can afford it, budget, work out what your budget is, work out where you want to be in the next 18 months to two years time and starting moving towards it."

While grand schemes such as rain harvesting and solar cubes may offer massive savings, for most people, being able to afford the necessary outlay currently seems a long way off.

As such, until economic pressures ease, the key to making savings lies with simple steps such as switching utilities suppliers or turning off appliances that are not in use.

And then, maybe in a couple of years, many more people will be able to invest their savings in their very own renewable energy farm in their back yard.