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Energy supplier finds property buyers are looking for green technology installations when searching for a new home
Two thirds of Brits planning to buy a home in the next two years are specifically looking for houses with green technology installations that can improve energy efficiency and reduce carbon emissions, according to a new analysis by OVO Energy.
According to the energy giant, over a third of prospective buyers said they would be more likely to make an offer on a home with green installations such as solar panels. A similar proportion said they would be more interested in homes with triple-glazed windows and roof insulation in place.
Data cited from house search platform Rightmove's recent Greener Homes report also revealed that improving a property's EPC rating from an F to a C could increase its overall value by 15 per cent.
Solar panels were found to be the most sought-after green tech home improvement ahead of electric vehicle charging point, smart meters, wall insulation, and smart thermostats.
Moreover, the new analysis found that of those planning to install green technology in their home in 2024 the top reason to do so was to save money on energy bills, flagged by 49 per cent of those quizzed.
Forty per cent claimed upgrades were intended to improve energy efficiency, while around a third said they wanted to help reduce their carbon footprint or improve their EPC rating, and 29 per cent said they were motivated by the prospect of increasing the value of their property.
And while the Greener Homes report found 60 per cent of homes for sale on Rightmove had an EPC rating of D or below, more than four-in-five respondents claimed they were willing to invest to improve their rating, with a quarter saying they would pay more than £5,000 to make energy efficiency improvements.
Mat Moakes, chief commercial officer at Ovo said, thousands of customers are making the switch to green tech and in the process reducing bills, cutting carbon, and adding value to their properties.
Tim Bannister, Rightmove's director of property science, said that while the market is in the early stages of the shift towards greener homes, data and insights collected over the last few years confirm encouraging trends are underway.
"One of the trends that has been emerging is that sellers who have improved the energy efficiency of their homes can command a premium when the time comes to move," he said. "It's going to be a really important year for innovations and the sharing of evidence-based data insights in this space."
The analysis comes just a day after YouGov polling commissioned by the MCS Foundation found that four-out-of-five MPs support making solar panels mandatory on all new-build homes.
The survey found 83 per cent of Labour MP and 73 per cent of Conservative MPs polled believe solar panels should be incorporated into all new builds by 2025, while 61 per cent of those quizzed - 47 per cent of Conservatives and 77 per cent of Labour MPs - also agreed battery storage systems should come as standard.
Moreover, 56 per cent of surveyed MPs, including 43 per cent of Conservatives and 72 per cent of Labour MPs, agreed heat pumps should incorporated into all new builds by 2025.
Both announcements come as the Department for Levelling Up, Housing, and Communities consults on how the government should deliver its new Future Homes and Future Buildings Standards with the process set to close on March 6th.
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