A third of buyers in UK willing to pay more for a property with renewable energy, study shows

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A third of people in the UK would be willing to pay more for a property where part of the energy supply comes from renewable resources such as wind, solar or hydropower, according to a new study.

Changes in the environment and changes to their income are changing the priorities and attitudes of property householders across the country, says the research from the Energy Saving Trust.

Its poll found that a third of Britons are happy to speculate to accumulate when it comes to house buying decisions. Of those polled, 35% said they would be willing to pay more for property with renewable energy.

And almost half, some 49%, are more interested than ever about installing a renewable energy source to their property.

‘It seems Britons are willing to pay more for a home with a renewable energy source so investing in a solar panel or a wind turbine could add to the resale value of a property and could be as attractive to house hunters as a new kitchen or solid wood floors,’ said Philip Sellwood, Chief Executive of the Energy Saving Trust.

He pointed out that 26% of carbon emissions are from the home and with depleting fossil fuels the government is looking at ways to incentivise householders to install domestic renewable energy.

Next year will see the introduction of feed in tariffs where householders will receive a set payment for the electricity generated and exported.

However the cost of installation is a key factor. The research also found that more than half, 53%, said that the price of renewable energy is putting them off investing but the trust points out that there are grants available to help with the cost of some installations.

There are two ways to capture solar energy for use in the home: by installing a solar water heating system or fitting a solar electricity system. Solar panels collect free energy from the sun converting this in to heat or electricity for the home.

Solar water heating systems cost between £3,000 and £5,000 and typically save around £50 a year when replacing gas. Typical solar electricity systems cost (around 2kW) between £8,000 and £14,000 and can save around £200 a year.

Investing in both together can save a household around £250 a year off bills. And if using the solar electricity system, any excess electricity produced can be sold back to the national grid for cash.

www.energysavingtrust.org.uk

 

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