Biggest barrier to home energy upgrades revealed – Business Plus

High installation costs are the biggest barrier to homeowners carrying out home energy upgrades, according to research from Allianz Ireland.

More than three-quarters (78%) of people who answered the survey, conducted by Coyne Research in April, said cost was their main concern, with many opting against retrofitting due to budget, as well as thoughts of maintenances, and the time taken for installation

In terms of sustainable home upgrades, triple glazed windows are the most popular, with 32% of respondents having had them installed, and millennials are much more likely than any other generation to pursue upgrades such as an air to water heat pump or a wind turbine.

“It is great to see a push from people to sustainably retrofit their homes despite the costs involved. Some of the main drivers we’re seeing for this is the promise of cheaper energy or heating costs over time allied with the positive contribution on future climate change,” said Geoff Sparling, chief customer officer at Allianz Ireland.

The national survey also found that 57% of the more than 1,000 Irish adults questioned, intend to buy an electric vehicle in the future, and that 7% of the population already owns one. Compared to previous generations, Gen Z and millennials have the highest intentions of buying an electric vehicle, with 14% intending to purchase one in the next year.

A cost breakdown shows four in five of electric car owners own an electric vehicle valued below €50,000, while one in five own an electric vehicle priced between €50,000 and €75,000. When it comes to future purchasing intention, seven in ten are likely to purchase a vehicle below €50,000.

The top two reasons for purchasing an electric vehicle are cheaper running costs (27%) and that it is better for the environment (27%), followed by rising fuel prices (16%), with one in six claiming they went electric to avoid the fuel price increases.

The main cause for concern when it comes to electric vehicles is high purchase cost of switching (39%) and limited charging points (24%).

Over 40% of drivers claim breakdown assistance is the most important factor for electric vehicle insurance to cover. Insurance cover for charging cable or component theft (14%), leased battery cover (14%) and electric vehicle as a replacement (13%) are the next most important factors.

“The shift to electric vehicle (EV) car ownership in Ireland is a major and positive trend that we’re ready to fully support as a key stakeholder in the Irish motor industry,” said Sparling.

(Pic: Getty Images)

Original Source: https://businessplus.ie/news/home-energy-upgrades/