Thousands saving hundreds a year on bills by making simple upgrades | Personal Finance | Finance
A poll of 2,000 adults responsible for paying the bills found 63% have invested in home energy efficiencies, with a quarter doing so in the last year. The average household estimates this has made an annual saving of £283.90.
Motivations behind these upgrades have been reducing energy bills (49%), making their home more sustainable (36%), and adding value to their property (23%).
The most popular home improvements that have been made include draught proofing, boiler upgrades, and insulation. And 3.3 million smart meters were installed in British homes in 2023.
The study, commissioned by Smart Energy GB, found that in addition to making savings on their energy, the average bill payer believes they have increased their average house value by £2,934.60 by making certain improvements.
Smart Energy GB has teamed up with property website, Rightmove, to reveal this data. It shows that improving a home’s Energy Performance Certificate (EPC) rating from F to C could increase its value by up to 15% – which for the average home means an extra £55,848.
Tim Bannister, Rightmove’s property expert, said: “We know upfront costs are the biggest barrier to people making green improvements in their home, especially when it can take time to see the return on investment and lower bills.
“Our analysis shows that there’s a green price premium on top of the local house price growth when people sell homes that they’ve been able to make green improvements to, and in the coming years a home’s energy efficiency rating is likely to become an even bigger factor when choosing a home to buy or rent.”
The study found exactly three quarters would consider the EPC rating of a property when looking to buy, compared to only 38% who would’ve said the same a decade ago.
It also emerged the average adult in charge of household bills would be willing to pay an additional £6,360 for a home equipped with sustainable features, according to the OnePoll.com data. While 26% think making home upgrades to improve energy efficiency are now more important than aesthetic ones.
Victoria Bacon, director at Smart Energy GB, said: “Smart home investments can be very good for the bank balance in the long run, but not all upgrades have to be costly.
“Smart meters are installed at no extra cost by your energy supplier and are a tool that more and more Brits are using to help them find ways to reduce their energy use day to day, which can have a noticeable positive impact on energy bills over time. They also open up access to reward schemes which offer money off energy bills for reducing energy use at certain times.”
The research also revealed 36% have made eco upgrades to make their property more sustainable, and create energy efficient homes for younger generations (31%).
While 62% claim they think more about how their energy usage around the home will impact the environment than they did 10 years ago. It also emerged 23% of those polled plan to make certain green changes to where they live this year.
Steph McGovern, broadcaster and consumer finance expert, said: “I know first-hand how difficult it can be to decide the best way to future-proof a home and make smart investments.
“But with so many options out there, it’s reassuring to know that you don’t have to spend a huge amount of money to add value to a property and save on energy bills.”
