More government incentives are needed for solar power
PEOPLE are willing to pay more for more energy-efficient homes amid growing concern about the impact of extreme weather events in the UK and rising energy prices, according to research by cleantech company Green Building Renewables.
The firm commissioned a poll that found that over 75 per cent of those questioned said they would be willing to pay extra to secure a home with renewable technologies such as solar panels.
While the Government has increased the Boiler Upgrade Scheme grant from £5,000 to £7,500, there have been no announcements about solar energy, which, according to the research, nearly 50 per cent of people want along with energy-efficient insulation and windows to improve their homes.
Twenty-five per cent of people surveyed by Green Building Renewables said they would pay between £15,000 to £25,000 more for a property with installed renewable or low carbon technology and other green measures.
Over ten per cent of people said they would pay over £45,000 more for a green home.
Some banks and mortgage lenders in the UK have already brought products to market that encourage borrowers to install green and renewable technologies but just over half of those surveyed said greener homes should have lower mortgage rates and pay less for their council tax. The research also showed that people were already taking measures into their own hands to green their homes and make them more energy efficient.
More than a quarter said they had already upgraded insulation in their homes, but many more were considering further action with 48 per cent considering flood protection and 43 per cent considering solar panels.
Green Building Renewables has grown rapidly in the last two years from a turnover of £3m to £38m.
Through organic growth and acquisitions, the company has gone from one office in York to 14 regional offices across the UK, and staff numbers have risen from 18 to 200.
Its model is built on providing regional expertise and cutting-edge technology, which is only installed by in-house engineers.
Green Building Renewables managing director, Chris Delaney, said: “The results from this survey prove that the British public wants to improve the energy efficiency and green capabilities of their homes. “While we welcomed the Government announcement to increase the Boiler Upgrade Scheme support by 50 per cent to £7,500 for air source heat pumps, it is only a small positive step.
“We are disappointed by the lack of discussion about solar energy and the missed opportunity to invest more in green jobs that would benefit the renewable energy industry.”
Philip Fellowes-Prynne, chief executive officer of Efficient Building Solutions, added: “Fossil fuel prices are forecast to stay at higher levels, and we need policies that combat fuel poverty and improve health and wellbeing.
“There must be further investment in renewable energy systems like solar at residential, industrial and large-scale solar levels.”
Green Building Renewables was launched in 2021. It is actively growing the business through the acquisition of successful regional renewable businesses such as Go Eco Renewables.