Concerns about climate, as well as the cost of energy bills and house prices, are expected to trigger significant investment in greener homes.
- Two-thirds (66%) of homeowners want to make energy-efficient improvements to their homes, according to a survey of UK residents.
- One of the ways in which homeowners can green their homes is to address energy consumption through energy efficiency, or through low carbon energy.
- While investment is necessary when changing out power sources, the return over time is continually improving, although the UK is lagging behind the US and the EU in terms of support.
Prime mortgage provider Butterfield Mortgages commissioned an independent survey among 1,468 UK homeowners to find out how much of a priority sustainability is to them.
For more than half (54%) of homeowners, environmental concerns were a key motivation to make these changes, while for 46% spiralling energy prices have accelerated their plans. A further 36% want to improve their home’s EPC rating to improve its resale value.
The research also uncovered that just 40% of homeowners know their property’s current EPC rating while a quarter (25%) said planning restrictions are preventing them from making identified energy-efficient improvements.
The vast majority (78%) believe more government support is needed to help homeowners make their homes greener.
Challenges for greening the residential sector
The research also uncovered some challenges. It showed that just 40% of homeowners know their property’s current EPC rating while a quarter (25%) said that planning restrictions are preventing them from making identified energy-efficient improvements.
The survey highlighted a desire among homeowners for the government to play a bigger role, with the vast majority (78%) calling for more government support to help homeowners make their homes greener.
One of the ways in which homeowners can green their homes is to address energy consumption through energy efficiency, or through low carbon energy. Solar panels, signing up to a green electricity provider, and replacing a boiler with a ground source heat pump, can all have an impact.
While investment is necessary when changing out power sources, the return over time is continually improving. One area where the UK is underperforming is in supporting the widespread deployment of green energy. Both the US and the EU have implemented programmes to ensure the development of climate tech, and renewable energy in particular.
What actions can homeowners take?
The most common upgrades already made by homeowners include installing LED lightbulbs (66%), investing in double or triple glazing (57%), adding loft or wall insulation (55%), and using a smart meter (46%).
Looking ahead, 41% plan to install energy-efficient kitchen compliances, 40% intend to invest in professional draught-proofing and 35% plan to replace boilers with a carbon-neutral heat pump. Almost a fifth (17%) of homeowners are considering remortgaging to fund energy-efficient upgrades.
Alpa Bhakta, chief executive of Butterfield Mortgages, said: “Homeowners are increasingly looking for ways to improve the energy efficiency of their properties, whether to reduce costs, improve future sale values, or contribute to a greener future. We can expect millions of owners to invest in home improvements in the months and years to come – and some may be looking to re-finance their property in order to do so.
“Our research also uncovered a significant knowledge gap among homeowners that needs addressing. Less than half are aware of what the EPC rating of their property is.
“As sustainability considerations rise, homeowners and buyers alike will be turning to their brokers and lenders for guidance on EPC-related issues, particularly if legislation around residential properties is introduced in the future. Those who are aware of this growing trend now have an opportunity to become well-versed in the issues ahead of time and can help advise clients appropriately.”