Over 60% willing to improve energy efficiency in their homes to achieve cost savings
James Cox
Some 62 per cent of homeowners would be willing to invest €10,000 to improve the energy efficiency in their homes if they could recoup the money in energy cost savings.
The most common timeframe within which homeowners would expect to recoup their initial investment is five years, with 40 per cent of homeowners selecting this option. These are some of the key findings of a nationwide survey of 1,000 adults conducted recently on behalf of Aviva Insurance Ireland DAC (Aviva).
The Aviva survey found that:
- Those willing to invest €10,000 in order to recoup the investment in energy costs savings was more evident amongst men (67 per cent) than women at 54 per cent and in the younger age cohorts, with those aged 55+ less likely to make this investment (54 per cent).
- Similarly, more women (46 per cent) than men (33 per cent) and those aged 55+ at 46 per cent would not be willing to make this investment to improve energy efficiency in their homes.
- While 23 per cent of homeowners would expect to recoup the €10,000 investment within three years, 16 per cent would expect to recoup it in seven years, with 10 per cent expecting to recoup it in 10 years.
- Some 6 per cent of homeowners stated that regardless of cost savings, they would make the investment for environmental reasons.
Plans for retrofitting projects
Solar panels (16 per cent), new windows (12 per cent) new doors (10 per cent) and attic and cavity wall insulation (10 per cent) are the top planned retrofitting projects amongst homeowners to make their homes more energy efficient over the next 12-24 months, according to the Aviva survey.
A further 6 per cent of homeowners plan to convert their heating systems from gas/oil to an air to water heat pump. However, 31 per cent of homeowners surveyed said that they had no plans to carry out any retrofitting projects, 23 per cent of whom admitted that they simply can’t afford the investment. A further 12 per cent of respondents to the survey said that they had recently upgraded their homes.
Respondents to the survey who said that they can’t afford the investment was highest amongst those aged 45-54 and higher amongst women (25 per cent) than men at 15 per cent.
Those who recently upgraded their homes was highest in the 55+ age bracket at 15 per cent.