According to new research from WWF and Scottish Power, UK homeowners could boost their property value by an average of £10,000. Alongside this bonus they could also slash their carbon emissions and annual energy bills.
Boosting the price of your home, cutting expenditure on bills, and reducing climate footprint – what is not to love?
Revealing Research
The recent study found that installing green technologies throughout the home could reduce energy bills by up to £1,878 per year while cutting carbon emissions by more than 95% over the lifetime of their installation.
This research comes as consumers are increasingly looking for options to reduce surging energy costs in the long-term. Options such as installing solar panels, buying air-source heat pumps, or installing insulation are commonplace.
As bills are expected to reach £3,000 this winter as wholesale gas prices soar (mostly caused by Putin’s invasion of Ukraine) and are passed on to consumers, analysts have been outspoken with the fact that prices could remain high for years.
So, the recent report that homeowners could boost their property value alongside cutting energy bills is most welcome.
The analysis of 5 million house sales in England and Wales discovered that installing an air-source heat pump could increase the value of a home to the region of £5,000 – £8,000. Solar panels could improve value by £1,350 – £5,400, and electric vehicle charging points could improve it by around £5,000.
Alongside these benefits is an additional saving in electricity bills by around £586 per year from selling surplus energy back to the grid.
It is estimated that solar panels cost between £2,900 and £6,700 to install, heat pumps between £7,000 and £13,000, and electric vehicle charging points about £1,000. The report states that shifting to low-carbon technologies could also reduce a home’s lifetime carbon emissions from energy by up to 91 tonnes of carbon dioxide equivalent.
In context, this is like taking 42 cars off of the road.
An Outpouring Of Support
Isabella O’Dowd, head of climate at WWF-UK, said this –
“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.”
Isabella O’Dowd also acknowledged one of the biggest problems with low-carbon technology, the high upfront costs –
“We would like to see financing mechanisms put in place by government to help people have more access to support in terms of reducing the upfront costs.”
UK households are eligible for a £5,000 grant to switch to low-carbon heating through the boiler upgrade scheme launched in April. This scheme lasts until 2025. The payback from energy bills savings will vary between each technology type. Solar panels usually between 10 and 15 years, 1 to 3 for electric vehicles, and 20 years for heat pumps. Again, the location and condition of the house will affect this.
The recent findings show that a detached home in Southern England with an old boiler and poor insulation would face annual energy bills of £2,816. If this same home installed a heat pump, electric vehicle charger, solar panels, and a smart battery, then they could pay just £383.
The Head of Smart Heat at Scottish Power, Rob McGaughey, said this –
“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.”
Customer Billing – Will I Be Affected?
As already mentioned, energy costs are spiralling – and the price rises are affecting all of us. For UK energy customers it is difficult to say how your bills will be affected due to the serious volatility in the energy markets. It is important to remember that energy prices as a whole are rising, and this will be passed onto consumers through energy bills, making it something to keep a close eye on.
Different suppliers will feel the pinch in different ways so it is crucial to be aware of the current situation your energy supplier finds themselves in. It is possible to view up to date supplier profiles with any recent changes for all of the energy suppliers in the UK, here.
At a time where bills look set to rise due to market volatility, it is also a good idea to ensure that you are not being overcharged for any of your utilities. It can be a tricky task to navigate but there are free online tools to remove the hassle available.
You can find a free online Gas Bill Calculator to see if you are being overcharged, here.
You can find a free online Electricity Bill Calculator to see if you are being overcharged, here.
Energy Solutions by Us, for You
At a time of great uncertainty in global energy markets, it is easy to feel lost in it all.
Keeping up to date with developing situations and the associated ramifications is a tricky and time-consuming job. It is also one that is not likely a priority for you and your business.
So, what do you do?
You partner with energy procurement experts to take the load off of your desk.
Energy Solutions have been trusted brokers for countless businesses for over twenty years, which means we know how to navigate the energy markets during a time of uncertainty.
Contact us today to find out how we can help you and your business
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