Invest £242 to wipe out the rise in utility bills

The cost of energy spiralled this month but a few simple investments could take your payments back to where they were. By Will Kirkman

The average household is now paying nearly £700 more for gas and electricity this year after the energy price cap climbed to £1,971. Traditionally, the quickest way to cut bills was to shop around for a better deal from another provider. But this is no longer possible, so households have to find more creative ways to cut their bills.

Instead of donning a hairshirt and living abstemiously, there are some small investments to make around the house that can cut your costs – potentially offsetting the price cap rise altogether. Carrying out all the changes listed below (excluding the log burner) will cost £ 242 but save you £953 on your energy bills a year – creating a total saving of £711.

Even if your investments are not outweighed by the saving this year, these small changes will easily pay their way. After all, energy bills are forecast to remain high into the 2030s.

DRAUGHT EXCLUDER Spend £10, save £30 a year

Draught-proofing your front door is one of the easiest and cheapest ways to cut energy use. Draught excluders can cost as little as £10 and could save the average home £30 a year in heating bills, according to The Eco Experts, a comparison service.

INSULATE YOUR LOFT Spend £100, save £180 a year

Loft insulation typically costs around £300 for installation and pays for itself in a few years.

However, you can save hundreds of pounds if you do it yourself. Insulation costs around £20 for an 8 sq m roll, so the typical loft would cost less than £100 in materials, according to My Builder, a tradesmen’s website.

BUY SMART POWER STRIPS Spend £60, save £100 a year

Televisions, gaming devices, Sky boxes and computers all use energy when left on standby, pushing up bills. The average home has 10 devices on standby, according to Utilita, an energy firm. Plugging these devices into a smart power strip, which turns them off at night, could save up to £100 a year.

USE A PORTABLE HEATER Spend £12, save £30 a year

Portable heaters can cost far less than central heating, especially if you are working from home in just one room.

WRAP YOUR WATER TANK IN A THERMAL JACKET

Spend £20, save £350 a year A thermal jacket for your hot water tank can cost as little as £20 but can save up to £350 in lost energy per year, accord