Two-fifths of homeowners indicated that the primary motivation for making or considering green home improvements is to reduce energy bills, research finds
July 2024 - Utilities
Two-fifths of homeowners indicated that the primary motivation for making or considering green home improvements is to reduce energy bills: Forty percent of homeowners indicated that the primary motivation for making or considering green home improvements is to reduce energy bills, with just over 10% doing it because it is “the right thing to do to lead an environmentally conscious life”.
The research was conducted by Coventry for Intermediaries, a mortgage advisor offering products to professional advisors and intermediaries to help ensure their clients get the correct type of mortgage. The survey, which included 1,000 homeowners and 500 landlords, found that 92% of landlords have already made green home improvements – compared to 9 in 10 homeowners (90%). On average, landlords spent £9,419 on energy efficiency improvements in the past year.
The findings highlighted that the most popular green home improvements for homeowners were switching to energy-efficient lighting (54%), replacing windows with double or triple glazing (46%) and increasing loft or wall insulation (40%). Landlords also favoured these improvements, though their top choice was upgrading windows to more effective glazing (43%).
Research from Coventry also revealed that 17% of homeowners plan to add a renewable energy source, such as solar panels, to their homes within the next year. Only 15% stated they wouldn’t make any green home improvements during that period. Notably, none of the young homeowners aged 18-24 reported that they would forgo green improvements.
One in three landlords surveyed indicated that "adding value" to their properties was among the top three reasons for making or considering green improvements. They anticipated an average return on investment of £11,327 (based on the mean of all estimates) in the next 3-4 years, from the green changes already made. Regarding the barriers to implementing these changes, 51% cited cost as the primary obstacle, while 35% pointed to potential tenant disruption. Just over one in ten (12%) did not see the need for such changes.
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