Three Smart Ways To Save Over €5,000 Every Year

Mark Coan is a financial expert and Founder of online finance guide moneysherpa.ie. You can contact him at [email protected]

With the cost of living crisis deepening every day, lots of us are feeling the pinch.

Let’s face it though, constantly coming up with new ways to make ends meet can become a bit of a drag. Do you look forward to the annual rigmarole of trying to find the best insurance quote every year?

Don’t worry though, with the 3 tips below you will not only make immediate savings, but also snag yourself ongoing savings year after year.

Here’s each money saving tip and how much you will save on average.

Go Solar — save €920 every year

Technicians fitting solar photo voltaic panels to a house roof in Ambleside, Cumbria, UK.

With energy prices soaring and the price of solar panels falling over 90% across the last decade, the time it takes to pay back on installing solar PV panels has never been shorter.

You can expect to lop 40% of your electricity bill with a medium size set of panels. According to Bord Gais the average annual electricity bill is currently €1,726 so you should cut your electric bill by €690 a year with Solar.

If you add in a power diverter that heats your water from the solar and smart heating controls to make your system more efficient, you will reduce your gas bill as well.

The average annual gas bill is currently €1,340, so the average Irish household currently forks out €3,066 on energy bills per year, of which you can expect to save around €920 a year all in.

Solar panel installation will weigh in at around €7,000 after grants so you are looking at just over 7 years to get your money back at today’s prices, but with energy prices still rising this is rapidly dropping towards 5 year payback.

An increasingly popular option to fund a home retrofit…

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