Why wouldn't EU energy consumers have done that already if they can save that much money?
I'll note that it's not always worth it to further insulate or replace functional though inefficient equipment. For example my apartment has an electric bill of about $50 a month, half of that is a fixed infrastructure cost. Even if I could bring my electric use to zero, it could at best save $25 a month. Replacing my AC with a more modern one could probably at best save $5 a month of that, taking many years to pay off even if you pay nothing for labor.