New data from OVO shows that appetite for clean, green technology in the home is higher now than ever before. Over two-thirds (66%) of those planning to buy a home in the next two years are specifically looking for houses with green installations that improve energy efficiency and reduce carbon emissions. 

 

Exploring the relationship between energy efficiency and property value, data from Rightmove’s Greener Homes report shows that improving a property’s EPC rating from F to C could increase its overall value by 15%, meaning homeowners could lower bills while in their homes and then cash in on their eco-investments when they sell. 

 

Helping Brits get the most value out of their homes, OVO’s Energy Experts have shared a step-by-step guide on what green tech modifications can effectively boost your EPC rating from an F to a C, alongside costs to install, based on a 3 bed semi-detached home***. 

 

EPC RATING	F - E	E - D	D - C
UPGRADES + APPROX. COSTS	Loft insulation -  £800/900 Cavity wall insulation - £2,687	10 solar panels (connected to mains, not battery) - £6,300	Air Source Heat Pump - £5,000 (including BUS grant)
TOTAL INVESTMENT	£3,600	£9,900	£14,900

 

Moving from an F to a C rating could add up to £44,672 (15%) to the value of a 3-bedroom semi detached house, based on Rightmove’s current average asking price of £297,811 for a property of this nature. 

 

Whilst the Greener Homes report found that 60% of homes for sale on Rightmove had an EPC rating of D or below, the motive from homeowners to increase this score is clear. The majority (83%) are willing to invest in going green - with a quarter (25%) saying they’d pay more than £5,000 to make energy efficiency improvements.. 

 

According to OVO’s data, over a third (35%) of prospective buyers say they would be more likely to make an offer on a home with eco-minded installations such as solar panels, alongside triple-glazed windows (37%) and roof insulation (31%).  

 

Of those planning to install green technology in their home in 2024 the top motivators to do so are:

1. To save money on energy bills (49%)

2. To improve the energy efficiency of their home (40%)

3. To help reduce their carbon footprint (36%)

4. To improve the EPC rating of their home (30%) 

5. To increase the value of their home (29%)

 

And the most anticipated upgrades are:

1. Solar panels (26%)

2. Electric vehicle charging point (23%)

3. Installing a smart meter (23%)

4. Wall insulation (21%)

5. Smart thermostat (20%) 

 

One OVO customer, 63-year-old Robin Clapp, is saving over £120 a month on his driving and energy costs after installing solar panels and an EV charging point at his home in Wiltshire over a year ago. Thanks to these introductions plus a new boiler, he has now improved his home’s EPC rating by two bands - going from a D to B. And OVO’s Charge Anytime rate has reduced his travel expenses from £90 a month on diesel to £20 a month for his EV.

Speaking of his motivations for taking the greener route, Robin said: “We installed an EV charger and solar panels because, if it’s going to save me money and benefit the planet, I’ll do it. Between the savings on my EV charging bills, participating in demand flexibility service events and exporting energy back to the grid, I’m expecting to make almost £1,200 back on my solar investment this year. That’s an 11% return on my investment - better than any interest I’d make on a savings account! 

“I think all new builds should have green technology built into them from the get-go. When OVO installed my solar panels in October, I wasn’t sure what to expect but the process was completely seamless, they managed the whole process and I’m saving money even in winter.”

 

To increase access to green home upgrades, OVO has launched 0% APR Solar financing option - offering 36 months interest-free to spread the cost of installation.  

 

Mat Moakes, Chief Commercial Officer at OVO said: “Thousands of customers like Robin are making the switch to green tech, and they’re reducing their bills, cutting carbon and adding value to their properties in the process. I haven’t looked back since getting solar panels installed, and offering customers 0% finance for solar panels was a no-brainer for us because we want to improve access to green tech for as many people as possible.”

 

Tim Bannister, Rightmove's Director of Property Science said: “We’re still in the early stages of the journey towards greener homes, but the data and insights we have been collecting over the last few years have been encouraging. 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. It’s going to be a really important year for innovations and the sharing of evidence-based data insights in this space.”

 

Discover ways to kickstart your greener home journey on the OVO website https://www.ovoenergy.com/.