Two-thirds of home seekers are looking for a home with green technology installed, according to a study.
More homebuyers are looking for homes with eco-friendly improvements such as solar panels, triple glazing and roof insulation, which will help them be more energy efficient and reduce carbon emissions, according to a study by Ovo Energy.
As the demand for eco-friendly homes grows, there is a potential opportunity for sellers to increase the value of their homes by installing green technology.
Less than half of homes in Britain have an EPC rating of C or higher, classifying their energy efficiency as poor
According to Rightmove’s 2023 Greener Homes report, increasing your home’s EPC rating from F to C can increase the value of your home by as much as 15 percent.
At a typical property price of €285,000, as recorded by the Office for National Statistics, that would mean a potential €42,750 in added value.
Solar panels cost an average of £5,875 but add £11,500 in value according to Barrows and Forrester.
Triple glazing is a more expensive option and typically costs £1,200 per window, meaning for a house with 12 windows you could spend more than £14,000 according to Checkatrade.
However, triple glazing windows are likely to be more attractive than double glazing as they offer better energy efficiency and the added bonus of noise reduction.
Meanwhile, installing an EV charger costs just $1,000 and can increase your home’s value by 1.7 percent, adding almost $5,000 to the price of an average home, according to Barrows and Forrester.
Energy Performance Certificates (EPC) are used to assess the energy efficiency of homes.
By 2023, only 41 percent of homes in Britain will have an EPC rating of C or higher, an increase of just one percent on the previous year. This means that a large proportion of homes have an energy efficiency class that is considered poor.
With current energy costs skyrocketing, the main motivation for homeowners to improve the energy efficiency of their home is to save on their energy bills, with almost half seeing this as a reason for upgrades.
Improving energy efficiency, reducing carbon footprint, improving the property’s EPC rating and increasing the value of their home all proved to be other reasons to invest in green technology.
Although increasing the value of your property was only the fifth most common motivation, more than a third of potential buyers said they would be more likely to make an offer on a home if it had eco-friendly improvements such as triple glazing and roof insulation. insulation.
Tim Bannister, property director at Rightmove, said: ‘One of the trends that has emerged is that sellers who have improved the energy efficiency of their homes can receive a premium when the time comes to move.
“It will be a very important year for innovations and sharing evidence-based data insights in this area.”
For those planning to install green technology in their homes, solar panels are proving to be the most popular choice.
EV charging points, smart meters, wall insulation and a smart thermostat were other common choices for anticipated upgrades.
Installing green technology increased my home’s EPC score
By installing an EV charger, Lucy was able to save £4 in January alone
Thanks to eco-friendly upgrades, 31-year-old Lucy from Kings Langley, Hertfordshire, has been able to improve the EPC rating of the home she shares with fiancé David from D to a high B, which has in turn increased the value of their four homes . bed home.
“We bought our house when the market was at a peak,” she told This is Money.
‘Property values in our region have fallen, but our house has managed to maintain its value, thanks to the increase in the EPC rating and the green technology we have. We were willing to pay extra for a house with green technology and we know others are too.’
The couple have also installed solar panels on their property, allowing them to generate their own electricity and feed as much as £800 back into the grid every year.
After moving into their new home in 2022, they also decided to take advantage of the incentives offered by installing a smart meter and an EV charger.
‘We knew that the smart meter would help us see where we were using our energy and what we could potentially change: from lighting to heating. It has given us so much more control and allowed us to make small changes that reduce our costs,” said Lucy.
‘Comparing January this year and last year, we saved a further £48 thanks to our smart meter and EV charger alone.’
The couple can earn £800 a year by selling the energy produced by their solar panels back to the electricity grid
As they continue their upgrades, the couple has their sights set on installing a heat pump further down the line, as well as upgrading their solar panels.
‘I definitely think more people should get green technology. Something like a smart meter is an immediate benefit. The more information you have, the better your decisions can be.
“Of course, the green technology you install will depend on your circumstances and the incentives available,” she said.
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