The UK could face an extra cost of £39 billion as a result of slow deployments of net zero technologies.

That’s according to a new report by the Energy and Climate Intelligence Unit (ECIU) which suggests that if the UK had shifted away from fossil fuels more quickly to technologies, including renewables, electric vehicles, heat pumps and home insulation, households could have been saving around £1,750 on energy bills last year.

Analysts noted that with an estimated £400 extra in food bills because of the impact of oil and gas prices on farming and the food system, it could mean that a potential £2,150 was added to household bills.

Jess Ralston, Head of Energy at ECIU, said: “It’s clear that had investments in home insulation, onshore wind and other net zero technologies been made earlier, homes could be thousands of pounds better off.

“Upfront investments are needed, but just as green levies on bills have built a renewable energy industry delivering cheap, clean electricity and jobs, the paybacks are measured in thousands of pounds for homes and billions for the UK as a whole.”