As a result of a worsening global fossil fuel energy crisis, Britons are facing a tough winter, with Ofgem poised to raise the price cap for household bills to around £3,200 by some estimates. Experts have warned that millions of families could be thrown into a state of fuel poverty as a result of these increases.
However, a new study offers some hope, revealing that homeowners could slash their energy bills by nearly £1,900 by installing green technologies.
A study by WWF and ScottishPower found that by installing technologies like solar panels, heat pumps, or even boosting insulation, Britons could slash bills by nearly half, while also cutting their carbon emissions and boosting the property value of their home.
The report found that these technologies could cut as much as £1,878 off energy bills while reducing home emissions by 95 percent and boosting property value by an average of £10,000.
The study analysed 5 million home sales in England and Wales and found that by installing an air source heat pump, the value of the property would be boosted by about £5,000-£8,000, while solar panels could increase it between £1,350 and £5,400 and an electric vehicle charging point could boost the sale by about £5,000.
Aside from boosting property values, solar panels could also help homeowners save around £586 a year by cutting energy bills and selling surplus power back to the grid, the Guardian reports.
The report found that a semi-detached home with less energy-efficient measures like old boilers and poor insulation could face bills as high as £2,816.
In contrast, a similar property with a heat pump, electric vehicle charger, solar panels, and a smart battery could pay £383.
Isabella O’Dowd, head of climate at WWF-UK, said: “Accelerating the rollout of low-carbon technologies and energy efficiency is the best way to ensure the UK’s energy security, shield homeowners from the high price of fossil fuels and protect the planet.”
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However, she did acknowledge installing these technologies, like heat pumps, costs a massive amount upfront, which could prove to be a barrier for many lower-income households.
She said: “We would like to see financing mechanisms put in place by Government to help people have more access to support in terms of reducing the upfront costs.”
Ms O’Dowd also called on the Government to provide tax incentives for private landlords to install these measures.
Under the current Boiler Upgrade Scheme, households in the UK are eligible for up to £5,000 in subsidies to replace their gas boilers with low carbon heating sources like heat pumps.
Rob McGaughey, head of smart heat at ScottishPower, said: “Home installations of heat pumps, solar panels and electric vehicle chargers can help both move the country away from its reliance on fossil fuels and address the climate crisis.”