New analysis from WWF and ScottishPower has found that a combination of green technologies could reduce energy bills by up to £1,878 a year.
The report, Better Homes, Cooler Planet, also found that installing these low carbon technologies in homes could cut emissions from energy by over 95% over the technologies’ lifetime and increase property values by an average of £10,000.
As nearly 90% of the current increase in energy bills comes from the rising cost of gas, investment in low-carbon technologies can help to tackle the cost of living by cushioning householders against volatile energy prices.
Solar panels, already increasing in popularity to combat rising energy prices, could boost householders’ finances by £586 a year, in electricity savings and selling any surplus back to the grid. The report also emphasises the need to invest in energy efficiency to insulate homes, to not only cut bills but maximise the benefits of other green technologies.
The report analysed five million house sales in England and Wales – one of the largest assessments of its kind – and found that:
- Installing an air-source heat pump could increase the sales value by around £5,000-£8,000;
- Solar panels could increase it by around £1,350-£5,400;
- An EV charge point could increase it by around £5,000;
- In combination, the value of a house could be boosted by an average of around £10,000 as a result of installing a combination of these technologies.
Better Homes, Cooler Planet recommends support and policy change from all UK governments to help reduce the up-front and running costs of low-carbon technologies, including funding for homeowners and tax incentives for private landlords to install them, as well as strengthening consumer protection and advice.
It also urges the UK Government to consider an energy saving Stamp Duty incentive, as well as calling for financial institutions to introduce innovative products such as green mortgages and for estate agents, property listings websites, and surveyors to highlight the presence and value of green technologies to house buyers.
Isabella O’Dowd, Head of Climate at WWF-UK, said: “Accelerating the rollout of low-carbon technologies and energy efficiency is the best way to ensure the UK’s energy security, shield homeowners from the high price of fossil fuels, and protect the planet.
“To ensure that a wide range of people benefit, government must improve incentives for installing low-carbon technologies and provide more financial support and advice to homeowners and landlords.”
“Estate agents and surveyors need to do more to highlight the value of green homes, while mortgage providers should scale up their green mortgage offerings, helping more people upgrade their homes.”
Rob McGaughey, Head of Smart Heat at ScottishPower, said: “As a company that already generates 100% green electricity, we know that decarbonising heat and transport is next. At ScottishPower we believe that home installations of heat pumps, solar panels and electric vehicle chargers can help both move the country away from its reliance on fossil fuels and address the climate crisis. Not only that, but the ‘Better homes, Cooler Planet’ report findings also demonstrate that installing a combination of these renewable technologies can be a smart investment for homeowners and landlords, increasing home equity value by an average of around £10,000 and significantly reducing energy bills.”
