How Over-60s Can Cut Costs by Exploring Renewable Energy

• Written by @Lifeline24

As we age, maintaining comfort in the home becomes increasingly important. With rising energy costs, it’s become harder than ever to manage household bills and for many older people, this has resulted in finding ways to keep energy usage down, whether through not using fans in the summer or keeping the heating off in winter. But there is a solution to ensure financial stability and ensure comfort at home year-round – renewable energy.

What Options are There for Renewable Power?

Solar Power

Solar power is one of the most popular and widely adopted renewable energy sources for residential homes. Solar panels work by converting sunlight into electricity through photovoltaic cells, which can then be used to power your home or be fed back into the grid for credits on your utility bill.

One of the biggest pros of solar power is the long-term cost savings it can provide. After the upfront installation costs, homeowners can essentially generate their own free electricity from the sun’s rays. Solar panels also require very little maintenance beyond occasional cleaning, so they’re ideal for older people.

Air Source Heat Pumps

An air source heat pump is a heating and cooling system that transfers heat between the inside of a home and the outside air. In the winter, it extracts heat from the outdoor air and pumps it inside to provide warmth. In the summer, the process reverses – the heat pump removes heat from inside and transfers it outdoors to provide cooling and dehumidification.

One of the major pros of air source heat pumps is their energy efficiency. Instead of generating heat through combustion like a furnace, they simply transfer existing heat. This allows heat pumps to provide up to 3-4 times more heating/cooling energy than the electricity they consume. A properly sized, well installed air source heat pump can reduce heating costs by 30-40% compared to electric heating alternatives.

Micro Combined Heat and Power (Micro-CHP)

Micro combined heat and power (micro-CHP) systems offer a unique way for homeowners to simultaneously produce heat and electricity from a single energy source. While the main output is heat for the home, these systems also generate some electricity, typically at a ratio of 6 units of heat for every 1 unit of electricity. A typical residential micro-CHP unit can generate up to 1 kilowatt of electricity once operating at full capacity.

So, how does it work? Most domestic micro-CHP systems run on natural gas or propane, though some models use other fuels like heating oil or bio-liquids. While these are fossil fuels rather than renewable sources, micro-CHP is considered a low-carbon technology because it is more efficient than just burning fuel for heat while getting electricity from the grid. As a still emerging technology, micro-CHP offers a novel way to improve energy efficiency and cut costs by producing usable heat and power from the same fuel source on-site.

Selecting the Right Renewable System for Your Home

With multiple renewable energy options available, it’s important for senior homeowners to carefully evaluate which system will work best for their specific situation. Several key factors should be considered:

Local Climate and Site Conditions

Where you live plays a major role in determining an appropriate renewable technology. For example, solar panels require a roof that receives ample sunlight exposure throughout the year otherwise you may not generate enough power to make the investment worthwhile.

Property Age, Design and Restriction

Older homes may face additional considerations before installing renewable equipment. For historic properties, any exterior installations need to minimise visual impacts that could detract from the home’s character and significance. If your home is located in a historic district or covered by local ordinances, you may also need approval before proceeding with a renewable project.

Integration with Existing Systems

An important question is whether new renewable heating systems can integrate with your home’s existing equipment or if a full replacement is necessary. Certain homes may be able to reuse existing ductwork, piping or electrical services when installing a solar array or heat pump, which will reduce installation costs versus replacing everything entirely. Having an energy auditor or contractor assess renovation needs upfront is advisable to make sure you’re not spending money unnecessarily.

Financial Assistance Available

Similarly, there may be the opportunity for you to take advantage of various upgrade grants or financing options that can assist with upfront costs. For example, the ECO4 scheme, a £4 billion UK energy efficiency initiative, aims to assist pensioners by offering free grants and assistance with heating costs and renewable energy installations.

Going Further with Renewable Integration

In addition to investing in renewable energy systems, there are other complementary options homeowners can explore to make their homes even more energy efficient and cost-effective.

One example is battery storage for solar PV systems. While solar panels generate renewable electricity when the sun is shining, that energy needs to be used right away or sent back to the utility grid. Installing battery storage allows you to store excess solar power for use when needed, such as during evening hours, which reduces your reliance on the grid.

Taking energy efficiency one step further can be achieved with smart home energy management systems to monitor and optimise your home’s energy usage in real-time. These systems provide AI-driven insights into your consumption patterns across appliances, heating and cooling, entertainment systems, and more to help identify areas for reducing waste and saving money.

Internet-connected smart thermostats make it easier to reduce heating and cooling costs through automatic temperature scheduling, remote access and intelligent optimisation. These devices can adjust settings based on occupancy, weather patterns and your home’s energy profile, so you’re not paying for energy unnecessarily.

Lastly, consider downsizing to a smaller property to reduce energy costs to run it, or retrofitting your home to make it more energy efficient. Even with renewables in place, older properties can benefit from low-cost efficiency upgrades like insulation, air-sealing, window replacements and low-flow fixtures.

 

By incorporating renewable energy systems into the home, seniors can reduce their energy expenses and ensure comfort throughout the year, while also enjoying the added benefit of a lower carbon footprint. Investing in energy-efficient appliances and being mindful of energy use can help to bring your energy costs down, but for a lasting impact to your finances and a contribution to environmental sustainability, renewable power is the way to go.

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