- 2 out of 3 house hunters want to install green technology
- Increasing your EPC rating from F to C adds 15% value
- Data shows only 2 out of 5 homes are rated C or higher
Research shows that two-thirds of home seekers are looking for properties with green technology.
More homebuyers are buying homes with eco-friendly upgrades such as solar panels, triple-glazed windows and roof insulation that help improve energy efficiency and reduce carbon emissions, according to research from Ovo Energy. I’m looking for it.
As the demand for eco-friendly homes increases, there is a potential opportunity for sellers to increase the value of their homes by implementing green technology.
According to Rightmove’s 2023 Greener Homes report, increasing a property’s EPC rating from F to C can increase the value of your home by up to 15%.
If the typical property price as registered by the Office for National Statistics is £285,000, this means there is a potential added value of £42,750.
Burrows and Forester say solar panels usually cost an average of £5,875, but can add £11,500 to value.
Triple glazing is a more expensive option, typically costing £1,200 per window. That means a house with 12 windows could cost more than £14,000, according to Checkatrade.
However, triple-glazed windows can be more attractive than double-glazed windows because they offer increased energy efficiency and the added bonus of noise reduction.
Meanwhile, Burrows and Forrester say an EV charger can cost as little as £1,000 to install and increase the value of your home by 1.7%, adding nearly £5,000 to the average house price.
Energy Performance Certificate (EPC) ratings are used to assess the energy efficiency of a home.
In 2023, only 41 per cent of homes in the UK will have an EPC rating of C or above, an increase of just 1 per cent on the previous year. This means that the majority of homes are considered to have an energy efficiency rating of below. poor.
With current energy costs remaining through the roof, saving money on energy bills is the main motivation for homeowners to improve their property’s energy efficiency, with nearly half citing it as a reason for upgrading.
Improving energy efficiency, reducing your carbon footprint, improving your property’s EPC rating and increasing your home’s value all turn out to be additional reasons to invest in green technology.
Although increasing property value was only the fifth most common motive, more than a third of prospective buyers would make an offer on a home if it had green improvements such as triple glazing or a roof. states that there is a high possibility of doing so. insulation.
Tim Bannister, Director of Real Estate Science at Rightmove, said: “One of the emerging trends is that sellers who improve the energy efficiency of their homes may be able to command a premium when they move.” That’s true.”
“This will be a pivotal year for innovation and the sharing of evidence-based data insights in this space.”
For those planning to introduce green technology into their homes, solar panels prove to be the most popular choice.
EV charging points, smart meters, wall insulation and smart thermostats are also common options for potential upgrades.
The introduction of green technology has improved our home’s EPC rating.
Lucy, 31, from Kings Langley, Hertfordshire, was able to improve the EPC rating of the home she shares with her fiancé David from a D to a high B by making environmentally friendly upgrades. As a result, the value of their home increased by 4 units. Sleep at home.
“We bought the house when the market was at its peak,” she told This Is Money.
“Property values in our area are down, but thanks to EPC rating increases and the green technology we have, our homes have managed to maintain their value.” We are environmentally friendly. I was willing to pay extra for a home with friendly technology, and I know others would be too. ”
The couple have also installed solar panels on their property, which means they can not only generate their own electricity, but also sell up to £800 worth of electricity back to the grid each year.
After moving to a new home in 2022, they decided to take advantage of incentives for installing smart meters and EV chargers.
“We knew smart meters could help us see where we were using our energy and what we could change from lighting to heating. This gives us more control and allows us to make small changes. Now we can save money by adding more,” Lucy said.
“Comparing January this year to January last year, I saved an extra £48 on my smart meter and EV charger alone.”
The couple continues to upgrade, and in addition to upgrading their solar panels, they are also considering installing a heat pump in the future.
“I absolutely think more people should take advantage of green technology. Things like smart meters are an instant success. The more information we have, the more informed decisions we can make. becomes possible.
“Of course, the type of green technology you implement will depend on the situation and the incentives available,” she says.
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