Homeowners Prepare to Invest Over £16 Billion on Green Home Improvements

Homeowners Prepare to Invest Over £16 Billion on Green Home Improvements

Amidst the energy crisis we’re facing nationwide, our newly conducted research has found homeowners are preparing to spend more than £16.3 billion on energy saving home improvements over the next 12 months. Almost three in four (72%) homeowners say they want to make their home more energy efficient, with two in five (40%) saying they’re planning to make energy saving improvements before the end of 2023*.

It goes without saying that we, in the UK, are facing considerable challenges when it comes to the cost of living. However, it’s promising to see that so many homeowners are planning to make energy efficient home improvements in the near future.

Even though the initial cost of some green improvements can be costly, the long-term benefit makes them a real investment. For example, up to 24% of heat energy can escape from old, draughty glazing so upgrading windows to be double or even triple glazed can really help to improve a property’s energy efficiency.

Our research revealed that, on average, homeowners are planning to spend £2,792 on energy efficient home improvements and renovations over the next 12 months. One in six (16%) plan to spend more than £5,000 and those in the baby boomer’s generation (aged 55 – 73) are set to spend the most, with the average spend among the age group being £3,401.

Of those planning to make home improvements in the future, whether that be within the next year or longer term, more than a quarter (28%) are planning to replace their boiler for a new energy efficient alternative, while 27% plan to install draught proofing and 25% are looking to upgrade doors to be double/triple glazed.

The 10 energy efficient home improvements Brits plan to make in the future:

1. Replace the boiler with a new energy efficient alternative (28%)
2. Draught proofing (27%)
3. Upgrading doors to be double/triple glazed (25%)
4. Upgrading windows to be double/triple glazed (24%)
5. Replacing all lightbulbs with energy efficient alternatives (23%)
6. Install solar panels (22%)
7. Lining my loft with insulation (21%)
8. Install a heat pump (20%)
9. Installing hot water tank insulation (19%)
10. Installing cavity wall insulation (18%)

On top of green home improvements having a positive impact on your energy bills, they can also result in a property increasing in value and buyer appeal. In fact, our new data also revealed homeowners would pay 15% more for a property which has an EPC rating of C or above. With this in mind, it’s no surprise that more than one in five (23%) are making energy efficient home improvements to increase the value of their property.

Ultimately, the importance of homes being energy efficient is only going to increase in the future, and our research shows buyers are willing to pay a considerable amount more for a property which has a lower carbon footprint. From reducing energy bills to increasing buyer appeal, green home improvements are an investment which homeowners shouldn’t overlook. Even if you’re not planning to sell you property in the near future, energy efficient home improvements will ultimately help you save money on your energy bills.