Green tech boosts property value by 15% as demand for energy-efficient homes rises rapidly

London 15th February 2024: New data from OVO shows that appetite for clean, green technology in the home is higher now than ever before. Over two-thirds (66%) of those planning to buy a home in the next two years are specifically looking for houses with green installations that improve energy efficiency and reduce carbon emissions. 

Exploring the relationship between energy efficiency and property value, data from Rightmove’s Greener Homes report shows that improving a property’s EPC rating from F to C could increase its overall value by 15%, meaning homeowners could lower bills while in their homes and then cash in on their eco-investments when they sell. 

Helping Brits get the most value out of their homes, OVO’s Energy Experts have shared a step-by-step guide on what green tech modifications can effectively boost your EPC rating from an F to a C, alongside costs to install, based on a 3 bed semi-detached home***. 

Moving from an F to a C rating could add up to £44,672 (15%) to the value of a 3-bedroom semi detached house, based on Rightmove’s current average asking price of £297,811 for a property of this nature. 

Whilst the Greener Homes report found that 60% of homes for sale on Rightmove had an EPC rating of D or below, the motive from homeowners to increase this score is clear. The majority (83%) are willing to invest in going green – with a quarter (25%) saying they’d pay more than £5,000 to make energy efficiency improvements.. 

According to OVO’s data, over a third (35%) of prospective buyers say they would be more likely to make an offer on a home with eco-minded installations such as solar panels, alongside triple-glazed windows (37%) and roof insulation (31%).  

Of those planning to install green technology in their home in 2024 the top motivators to do so are:

1. To save money on energy bills (49%)
2. To improve the energy efficiency of their home (40%)
3. To help reduce their carbon footprint (36%)
4. To improve the EPC rating of their home (30%) 
5. To increase the value of their home (29%)

And the most anticipated upgrades are:

1. Solar panels (26%)
2. Electric vehicle charging point (23%)
3. Installing a smart meter (23%)
4. Wall insulation (21%)
5. Smart thermostat (20%) 

One OVO customer, 63-year-old Robin Clapp, is saving over £120 a month on his driving and energy costs after installing solar panels and an EV charging point at his home in Wiltshire over a year ago. Thanks to these introductions plus a new boiler, he has now improved his home’s EPC rating by two bands – going from a D to B. And OVO’s Charge Anytime rate has reduced his travel expenses from £90 a month on diesel to £20 a month for his EV, with just a £3.60 fuel bill in December. 

Speaking of his motivations for taking the greener route, Robin said: “We installed an EV charger and solar panels because, if it’s going to save me money and benefit the planet, I’ll do it. Between the savings on my EV charging bills, participating in DFS events and exporting energy back to the grid, I’m expecting to make almost £1,200 back on my solar investment this year. That’s an 11% return on my investment – better than any interest I’d make on a savings account! 

“I think all new builds should have green technology built into them from the get-go. When OVO installed my solar panels in October, I wasn’t sure what to expect but the process was completely seamless, they managed the whole process and I’m saving money even in winter.”

To increase access to green home upgrades, OVO has launched 0% APR Solar financing option – offering 36 months interest-free to spread the cost of installation.  

Mat Moakes, Chief Commercial Officer at OVO said: “Thousands of customers like Robin are making the switch to green tech, and they’re reducing their bills, cutting carbon and adding value to their properties in the process. I haven’t looked back since getting solar panels installed, and offering customers 0% finance for solar panels was a no-brainer for us because we want to improve access to green tech for as many people as possible.”

Tim Bannister, Rightmove’s Director of Property Science said: “We’re still in the early stages of the journey towards greener homes, but the data and insights we have been collecting over the last few years have been encouraging. One of the trends that has been emerging is that sellers who have improved the energy efficiency of their homes can command a premium when the time comes to move. It’s going to be a really important year for innovations and the sharing of evidence-based data insights in this space.”

Discover ways to kickstart your greener home journey on the OVO website https://www.ovoenergy.com/. 

ENDS

For more information please contact [email protected]

Notes to Editors

All other data from a consumer survey conducted by OnePoll, commissioned by OVO, with 2,000 UK nationally representative adults from 12.01.24 – 18.01.24.

*Rightmove’s Greener Homes Report (July 2023)

**Customers are required to pay a £500 deposit with the remaining monthly costs spread over 3 years. Depending on the package, costs could start from £189.97 a month.

***EPC boosting measures based on a 3 bed semi-detached house with double glazing and a pre-1998 wall mounted non-condensing gas boiler, as advised by OVO’s Energy Expert.

Green technology updates and offers available via www.ovoenergy.com com include:

• Heat Pump Plus – halving the cost of electricity for heat pumps with a best-in-market rate of 15p per kWh, in partnership with Heat Geek 
• Smart Export Guarantee (SEG) rate – offers 20p per kWh for exporting excess solar power to customers who purchase solar panels and batteries. Customers could be £1,400 better off each year, thanks to the rate introduced last year
• Charge Anytime – Updated Charge Anytime rates to just 7p per kWh, making it the cheapest home EV charging plan in the UK

OVO’s Energy Experts

OVO’s Energy Experts are qualified home energy assessors and will go room-by-room to review the energy efficiency of your home. Homeowners are also provided with a personalised report of their home, including advice on steps to take to make it more energy efficient – from insulation to switching your boiler for a heat pump. Energy Experts will also measure your Energy Performance Certificate (EPC) rating and register your certificate with the government. 

About OVO

In 2009, OVO was born to make energy better for people and the planet. Today, OVO is trusted by around four million customers with their home energy, EV charging, green tech upgrades, and more.

OVO is getting the UK ready for a greener, fairer future – planting one million trees a year and supporting new renewable power projects in communities across the country. Not only is OVO bringing low carbon tech into homes, it’s finding smart ways to cut costs for customers – making heat pumps, solar panels, and electric cars more accessible. Behind all this work is Plan Zero: the bold, science-backed sustainability strategy, which sets out how OVO will become a true net zero business by 2035.

This progress can only happen with a culture fit for the future. OVO’s multiple awards include the Best Place to Work for Women in The Sunday Times’ Best Places to Work 2023, which also saw the company coming in the Top 10 for Very Big Organisation.

OVO also won Company of the Decade at the BusinessGreen Leaders’ Awards 2020.

OVO key facts

• UK Customers: four million

• People: 5,000 colleagues with sites in London, Bristol and Glasgow.

• Customer service

  • Over 100,000 5* reviews on Trustpilot.

  • £90m support offered to customers in need since 2022.

• Rewarding customers

  • Charge Anytime: £6.2 million saved to date by customers.

  • Solar and heat pumps: Over 1,000 heat pumps installed and over 450 solar systems installed in UK homes.

  • Supporting low income homes: Over 10,000 homes made more efficient through OVO Energy Solutions retrofit schemes, with £2.70m in annual bill savings across them all, and £70.30m in lifetime bill savings.

  • World leading trials: 320+ OVO customer trialists on the world’s first and largest domestic vehicle-to-grid trial, run by us.

  • Rewarding trials: Over £1 million in credit through Power Move, for using energy at greener times – saving 56.2 tonnes of carbon.

  • Expert advice: Over 4,000 home visits completed by OVO’s Energy Experts, giving customers one-to-one guidance on making their home more efficient.