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August 2023 - Utilities

Survey reveals common customer misconceptions of energy efficient home upgrades: A survey of homeowners has revealed that many overestimate how much energy efficient upgrades would cost to install or fit. 

The survey by Barclays polled 3,000 homeowners, finding that some of the most common upgrades such as solar panels, insulation and double or triple glazing are often believed to be more expensive than they actually are. 

More than half the respondents polled said they do not feel comfortable making their homes more energy efficient (55%) while a third said they have ruled out making any upgrades due to perceived cost (33%). 

One example of overinflated perceptions of cost includes loft insulation, which respondents believed to be 250% more expensive than the average cost of making such modifications. Respondents put a price of £3,371 on loft insulation when in fact, it would cost more in the region of £1,123 to install, found the survey. Overestimations in cost were also given for double and triple glazed windows, as well as misconceptions about the amount of time they would take to install; far more than in reality. 

However, the greatest misconception in terms of installation times was around solar panels, with the fitting times overestimated by 45%. 

Homeowners would pay more for a home with energy efficient products

The research also asked respondents if they would be prepared to pay more for a house with energy efficient products, with nearly half saying they would (47%). Homeowners polled said if a house they were interested in buying had insulation, double glazing, solar and heat pumps they would be prepared to pay an additional £23,000 on the property value. And for those who can afford a property costing between £500,000 and £900,00, this figure rises to £30,000. 

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