How much do green upgrades really save?
September 15, 2008
The Royal Institute of Chartered Surveyors' Building Cost Information Service (BCIS) has developed the Greener Homes Price Guide, offering impartial expert advice on the cost, energy-saving, payback period and disruptiveness of green improvements to a property.
The guide has been published in response to the lack of necessary information available to homeowners as to exactly how long it will take to recoup their investment in green solutions, despite being frequently encouraged to incorporate them to save money and reduce their carbon footprint,
Often caught between wanting to be more environmentally friendly and needing value for money, many consumers are left confused over which green upgrades offer the best energy savings for the best price.
The guide shows, for example, that the cost of installing cavity wall insulation would be between £440 (for a terraced house) and £2400 (for a detached) but, with an energy bill saving of as much as £145 per annum, this cost could be paid back over as few as three years. In contrast, installing solar panels costs between £4000 and £5000 yet could save as little as £24 per year, meaning it would take around 208 years to pay back the cost of installation.
BCIS Executive Director, Joe Martin, said: "The guide gives consumers a comprehensive heads-up about the costs and effectiveness of green upgrades, whilst protecting them from being duped into changes that won’t save them money or do little to reduce their carbon footprint."
In addition to offering cost information, the guide also includes practical advice on:
- what grants are available and how to apply for them
- when to apply for planning permission
- how to obtain builders or specialist contractors
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