In a poll of Legal & General surveyors, 86% of respondents said double glazing is the most popular energy saving measure they see being carried out by homeowners. Four in five (80%) listed roof insulation as the most popular energy saving measure. Wall insulation was highlighted by 31% as the most popular.
13 Mar 2023
Double glazing is the most popular energy saving measure carried out by home owners, seen by 86% of surveyors, according to new research by Legal & General Surveying Services. While upgrading windows was slightly more popular than installing roof insulation, mentioned by four in five (80%) surveyors, both were well ahead of the third most popular energy efficient measure, wall insulation, which was mentioned by almost one third (31%) of surveyors.
The research also revealed that there are a number of energy saving measures which are less commonly seen, but may still provide notable savings for consumers over the long term. These measures include solar panels (19%), air source heat pumps (17%), and smart energy meters (15%).
Experts have suggested it typically takes about 15 years to recoup your installation costs for solar panels, so they may be more suitable for homeowners who plan to stay in their home for a longer duration. Similarly, the payback period on an air source heat pump is around 12 years. When it comes to smart energy meters, the technology can help homeowners keep track of their energy usage, with accurate bills, which can be particularly helpful for consumers concerned about rising energy costs.
Buyers are already placing a notable price premium on energy efficient, sustainable housing. Further research from Legal & General suggests that there has been a 34% uptick in searches for eco-friendly homes and buyers are now willing to pay a 10.5% price premium for a low carbon property.
Legal & General’s Equity Economy Report also found increased interest in using equity from the property to improve energy efficiency with 13% of the surveyed homeowners using the money to pay for green measures to improve energy use.
Spiralling gas and electricity bills may well be driving interest in energy efficient home improvements. However, although the government has proposed that all rental properties will need an EPC rating of ‘C’ or above by 2025 for new tenancies and 2028 for existing tenancies, there are currently no regulations for residential properties to increase their home’s EPC rating.
Trudy Woolf, Sustainability Director, Legal & General Surveying Services: "Having polled our own team of surveyors, these findings highlight that buyers and owners are becoming increasingly conscious of the energy efficiency of their homes. It’s great to see that many homeowners are already thinking about installing energy efficient measures which are cost effective – this is something we expect will continue to rise in prominence as consumers develop a greater understanding of energy efficiency.
“While it’s always important that prospective homeowners secure a professional survey in order to make an informed decision on their purchase, a survey can also provide insight for consumers into the energy efficiency of a home and any green home improvements which have been carried out already or would be easy to install.”
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.13 million retail policyholders and workplace members.
In 2022, we had total individual annuity sales of £954 million, and issued £632 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 4.9 million members, while our Protection businesses gave peace of mind to more than 6.3 million UK life insurance, 1.8 million group and 1.5 million US customers, taking in £3.1 billion of gross written premiums.
*at 31 Dec 2022