Renovators go green

As the cost of electricity skyrockets, it appears homeowners are looking for ways to circumvent the hit to their hip pocket. According to Compare the Market, energy bills could go up by $30-$200 a year by 2018-19, with three of the major providers already lifting rates by up to 19%.

To reduce costs, more households are investing in “green renovations”. Data from peer-to-peer lender RateSetter, which has a “green loan marketplace” facility, shows that almost one in five home improvement loans are now taken out for green renovations, with borrowers spending an average of $13,230 a year on energy-efficient improvements. These renovations include the installation of energy-efficient lighting and alternative power sources, such as solar panels and batteries.

Renewable energy is clearly something homeowners take seriously, with almost

90% of renovators surveyed saying energy-efficient and environmentally friendly options are important to their projects. Of those homeowners who had taken out a green loan, just over 40% said they would make more environmentally friendly changes within the next 12 months.