Homeowners rocked by huge rises in their energy bills are increasingly being encouraged to turn to green solutions to save money and reduce their carbon footprint - but will these changes deliver the savings they claim or will consumers end up incorporating expensive 'green' upgrades that take a lifetime to pay off?
To help consumers, RICS' Building Cost Information Service (BCIS) has developed The Greener Homes Price Guide, which offers impartial expert advice on the cost, energy saving, payback period, and disruptiveness of green improvements to a property.
By using the guide, homeowners will be able to target the areas in their homes where green upgrades would have the most impact. This will enable them to make informed choices on how best to improve their homes, whether this is with a view to solely reduce their carbon footprint or reduce their energy bills.
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.
For example the cost of installing cavity wall insulation would be between £440 (for a terraced house) and £2,400 (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.
Replacing a wall mounted boiler would cost £1,720 however and as it makes a saving of £95 per year it would take up to 18 years to offset this.
In contrast, installing solar panels costs between £4,000 - £5,000 yet could save as little as £24 per year, meaning it would take around 208 years to pay back the cost of installation.
In addition to offering cost advice, the Guide also includes practical advice on:
