The New Year’s Resolution that could help you save big on energy bills

With less than three weeks to go until we welcome in the new year, many Aussies may have already begun thinking about the goals they want to achieve in 2021. And for some, that can mean giving their home an energy efficiency upgrade. 

According to CSIRO building simulation research lead, Anthony Wright, the average Aussie household is rated only 2.2 stars out of 10 for energy efficiency. However, if the average Sydney or Melbourne home were to bump that figure up to a 4.9 stars, they could save up to $480 a year on their energy bills.

When it comes to improving energy efficiency around the house, you might be surprised to learn that substantial savings can be made just by making small improvements. 

For instance, draught sealing and filling gaps or cracks around windows and doors are a great place to start. Other options include updating energy guzzling appliances for energy saving ones or installing external blinds to block out heat. 

But for the Aussies who don’t mind taking things to the next level, upgrading hot water systems, air conditioning and other appliances could deliver annual savings of $900, says Wright. 

“It’s also worthwhile getting an energy rate involved early,” Wright said in a recent interview with The New Daily. 

“It can seem like it costs, but it will pay back in comfort and energy bill savings in spades over time, as they can do a before-and-after rating, and also provide consultation on tweaking your renovation as you go.”

How Aussies can turn their reno dreams into reality

While turning your home into an energy efficient superpower is a dream for many Aussies, getting your finances is another story. 

According to Wright, improving insulation and other areas of a home can cost as much as $15,000. 

Over the years, green or eco-friendly personal loans have become a popular way to give a home ‘the green touch’. 

These are personal loans that are designed to be used for energy efficient purchases, like solar panels or water tanks. And with the many options available, nailing down the best offer in the market can be tricky. 

Our recent 2021 Mozo Experts Choice Personal Loan Awards found that Endeavour Mutual Bank, Police Credit Union and Sydney Mutual Bank had the best deal for borrowers looking to take out a green personal loan.  

You can find out more about our 2021 Mozo Experts Choice Personal Loan Awards by having a read of our methodology report. 

Or if you like to do more research on solar power and other ways you can change the energy efficiency of your home, our renewable energy guide is a great place to start.