First, let me clear up one point.  I am not calling these window treatments, "blinds," because technically none of my recommendations are window blinds; they are shades.  Blinds have slats or vanes, shades are one continuous piece of fabric.  Almost all the best insulating window treatments are shades, not blinds.  The only exception to that are plantation shutters, which are kind of in a class by themselves.

Secondly, purchasing new shades may not seem like the best way to save money, or buying anything for that matter.  If you are already struggling financially, it may be downright impossible.  I lived in New England for many years and I too was struggling with the rising costs of heating oil.  However, if you can afford new shades, or are already in the market, buying insulating shades is a good, long term investment much like double pane windows.  Amortized over many years, a good set of insulating shades will save you money by lowering your heating bill.

My first recommendation is the one that most people already know, cellular shades.  So, I won't spend too much time on these shades.  Cellular shades, also known as honeycomb shades, are the most common choice for energy efficiency.  They come with single, double and triple cells, the latter offering the highest level of insulation value and is also the most expensive of the three.  They are attractive, functional and come in a wide variety of colors making them an easy choice from an interior decorating standpoint.  A good-quality cellular shade will last for years and over that time will save you money on your heating and cooling bills.

For a more adventurous choice consider thermal roman shades.  Basically, this is just a normal roman shade with an insulating liner.  Though they do not offer quite the insulating value of cellular shades, they will help insulate your windows and will look great while doing it.  So, if you are in the market for something a little different, something a little more luxurious, roman shades with an insulating liner is a great option.  You can choose from a wide variety of fabrics, patterns, textures and colors to compliment almost any décor. 

Next up are drapes.  I know that drapes may not spring to mind when you think energy efficiency but hang with me.  Many drapes can be purchased with a flannel interlining that adds a fair amount of insulation to the drapery fabric.  This interlining is separate from the outer lining and when combined, what you get is a fairly dense, insulating fabric covering your window.  The downside to drapes is that they are either open or shut and with a fabric interliner and out liner, you will not get much light filtering into your room.  Plus, drapes generally do not hang as close to the window as a window shade so some of their insulating properties are lost because of this spacing.  

One last thing, though we are almost exclusively talking about choosing window shades to insulate from the cold, the shades mentioned in this article will also help keep your house cool in summer. 

Insulated shades are a great way to save money on your heating and cooling bills.  For maximum energy efficiency consider cellular blinds, for a more unique choice look into insulated roman shades. - David Brooks