How much would it cost to make your home greener?

Two-thirds of homeowners would like to make energy-efficient improvements to their homes, according to a survey by Butterfield Mortgages.

Environmental concerns are the biggest driver for change, with more than half (54 percent) of respondents saying their concerns have led them to consider increasing the energy efficiency of their homes.

But the costs of implementing improvements such as insulation, heat pumps and double glazing can be high.

Nearly one-fifth (17 percent) of homeowners surveyed said they’d considered re-mortgaging to finance energy-efficient upgrades — in the hope that doing so would lower their energy bills.

Since the outbreak of the pandemic, the demand for gas has increased enormously, but the supply is struggling to catch up. It has driven up prices and pushed up the cost of gas and electricity for both households and businesses.

This was exacerbated by the Russian invasion of Ukraine, which has put pressure on gas supplies across Europe.

However, despite the fall in the wholesale price of gas and electricity since December, household bills are still high.

In the survey, 46 percent said the energy crisis and rising costs had prompted them to accelerate their home renovation plans. For people between the ages of 18 and 34, this rises to 65 percent.

Others are motivated to improve their home’s efficiency to increase future resale value, with 36 percent saying they are making the changes to improve their home’s energy performance rating.

Alpa Bhakta, chief executive of Butterfield Mortgages, said: ‘Homeowners are increasingly looking for ways to improve the energy efficiency of their properties, whether by reducing costs, improving future resale value or contributing to a greener future.

“We can expect millions of owners to invest in home improvements in the coming months and years – and some may refinance their property to do so.

Our research also revealed a significant knowledge gap among homeowners that needs to be addressed. Less than half know their home’s EPC rating.

High ambitions: Wall or attic insulation is a popular way to make a home more energy efficient

“As sustainability considerations grow, homeowners and buyers alike will turn to their realtors and lenders for advice on EPC-related issues, especially if housing legislation is introduced in the future.

‘Anyone who is aware of this growing trend now has the opportunity to thoroughly delve into the problem in advance and can advise customers well.’

EPC is a classification scheme that classifies properties between A and G, with an A rating being the most efficient and G being the least efficient. The most common EPC rating for homes in the UK is a D.

Butterfield’s research found that only 40 percent of homeowners know their home’s current EPC rating.

When asked what they had already done to make their home greener, the most common improvements were installing LED lights (66 percent), investing in double or triple glazing (57 percent), adding attic or wall insulation (55 percent). and the use of a smart meter (46 percent).

How much do energy efficient home improvements cost?

For those looking to add efficiencies to your home, it’s worth knowing the cost so you can decide what’s best for your property.

Double glazing can save you up to £235 a year in energy bills, by keeping heat in and noise and drafts out, according to the Energy Saving Trust. However, it entails high upfront costs. Installing double glazing with an A label in an average semi-detached house costs approximately € 7,500.

Keeping more heat in the house by means of wall or attic insulation is also a popular choice. According to insulation experts LoftZone, about 35 percent of heat leaves buildings through the walls.

There are two types of insulation, external and internal. External insulation involves applying insulation material and then plastering or covering it. Interior insulation is usually a form of thermal siding applied to interior walls. This will reduce the size of the room when installed.

According to the Energy Saving Trust, insulating the outside of a three bedroom semi-detached house with solid wall insulation costs around £12,000, or £8,500 if done inside.

Double glazing reduces energy bills, but incurs significant upfront installation costs

However, that then leads to a big drop in energy bills – £240 a year for a mid-floor apartment to £930 a year for a detached house.

Cavity wall insulation can save up to £1,800 a year, but serious problems can arise if not installed properly.

Heat pumps are another way to improve your home’s green credentials. It works by collecting heat from the air or the ground and can replace traditional gas boilers, and experts say they can save up to 25 percent on your energy bill because the appliances require less power to run.

According to data from Uswitch, air source heat pumps can cost between £8,000 and £14,000 to install.

Meanwhile, ground source heat pumps are generally more expensive, with a system costing £15,000 to £30,000.