Energy Efficient Upgrades to Homes Up 10%
We are all too aware of the cost of living crisis and soaring energy prices, and it’s highlighted the need for more energy efficiency, especially when it comes to reducing household bills and our impact on the planet. These two factors often go hand in hand.
A recent survey from NatWest and S&P Global has revealed that way over half of homeowners (63%) are planning on making energy efficient changes to their homes in the next ten years, spurred on by recent events. Younger homeowners (18-34) were the main focus of these statistics as they had more plans to upgrade within the next year, as well as the next ten.
Younger homeowners are more likely to implement these changes as they are more familiar with emerging technologies and more willing to reduce their impact on the planet through their use. The survey suggested it was a ‘catchup effect’, as younger homeowners are less likely to have standard efficient systems in place, such as smart meters or double or triple glazing.
In this age bracket, 13% said they would install a heat pump in the next year (over double the UK average of 6%). With the banning of the sale of gas boilers coming soon, this makes more long term sense. Interestingly, a further 23% cited global energy security as their reasoning for making energy efficient changes. Not only are heat pumps greener, but they aren’t dependent on importing energy for their use, which comes with its own issues of cost and supply.
Even the appeal of electric cars has gained popularity, with 18% saying they would install an EV charging point, exactly double the UK average. With petrol prices on the rise and our constant dependence on fossil fuels, more people are turning to electric vehicles as a way of saving costs and removing emissions.
Almost a quarter of those surveyed (23%) said that they wish to implement energy efficient changes to their homes as a direct impact from the rise in the cost of living. Not only this, but they are looking to make changes within the next year to see an immediate reduction in costs.
An EPC is a great indicator of how energy efficient your home is, and 39% said that this is an important factor when looking to buy (up by 7%). Over the past year, the tide of environmental awareness has changed this from one of the least important factors to one of the most, with 20% of respondents even saying that a C rating or above was essential.
In terms of energy efficient systems, 13% of homebuyers said that solar panels are an essential property feature. For renters, 61% expressed interest for their landlord to install them in order to reduce energy costs. It’s becoming more common for homeowners to expect a certain level of sustainable energy in their homes.
62% of homeowners are even minimising home energy use, which is up from 57% last year. It’s becoming more of a conscious thought for homeowners to do all they can to help the planet, and the cost of living crisis has forced people to consider this as a way of doing their bit.
For more environmental news and advice, visit our homepage.