Good for the planet and our pockets: The time to invest in low-carbon technology is now

Solar panels, heat pumps and electric vehicles can reduce bills, increase house value and cut carbon emissions, writes WWF's Leanne Atkinson. 

On a wet and windy winter's day, one of the small pleasures in life is returning to a warm and cosy home to enjoy a cup of tea. It is something that many people take for granted, but perhaps we shouldn't. Not only because energy prices have become eye-wateringly expensive this year, but also because the UK has some of the draughtiest homes in Europe. 

We lose heat from our homes up to three times faster than our European neighbours, and given that the vast majority of homes in the UK are heated by gas boilers, this releases a lot of emissions. In fact, 15 to 20 per cent of the nation's carbon emissions currently comes from our homes, which makes decarbonising properties vital to reaching our legally binding net zero target. There are a range of benefits associated with having a low-carbon home, aside from reduced carbon emissions. They can help to cut our dependency on polluting fossil fuels, thereby increasing energy affordability and security, and can help to create thousands of jobs across the country. Not only this, but a recent report from WWF and ScottishPower, Better Homes, Cooler Planet, found that installing solar panels, heat pumps, batteries and electric vehicle charging points in the home, in addition to energy efficiency measures, can increase property value and reduce energy bills. Based on an analysis of over five million households in England and Wales, the results showed that installing a combination of low-carbon technologies could see the value of houses rise by around an average of £10,000, with some property values exceeding this. 

The research also suggests that, when all of the low-carbon technologies described above are installed together in the same house, they have the potential to reduce energy bills by up to approximately £1,800 per year. This could increase to up to around £2,300 if savings made from switching to an electric vehicle, thereby not spending money on petrol or diesel, are accounted for. 

In a best-case scenario, household carbon emissions could be slashed by 97 per cent, or 91 tonnes of carbon, over the lifetime of the low-carbon technologies used. This is equivalent to taking 42 cars off the road per household. 

However, it has to be acknowledged that upfront costs are a major barrier for many people wanting to buy and install these low-carbon technologies. 

There are many ways to reduce these costs and, while there is already support available to consumers, there are a number of ways in which the public could be further supported to increase uptake. 

One key recommendation set out in our report includes permanently moving legacy policy costs (associated with closed schemes) from electricity bills onto government spending, which would make clean heating cheaper relative to fossil fuel heating. Meanwhile, extending the Boiler Upgrade Scheme beyond 2025 would make grants for low-carbon technologies accessible to households for a longer period of time, helping to bring down the upfront costs through higher deployment rates. 

In addition, an energy saving stamp duty incentive would provide homeowners with a stamp duty rebate if they make low-carbon or energy efficiency upgrades to their property within 24 months of purchasing it, thereby rewarding homeowners for having low-carbon homes. 

Aside from making low-carbon technologies and energy efficiency measures more easily accessible and attractive, providing clear, tailored advice to consumers to improve their understanding of low-carbon technologies is incredibly important, as is the role of training and accreditation programmes in creating a wider pool of skilled installers of such technologies. 

The construction, property and finance industries must therefore also be brought into the conversation and should be encouraged to promote low-carbon technologies in homes during the buying and selling process, offer a wider range of green mortgages and better account for the value of low-carbon technologies in surveyors reports. 

Insulating homes across the country and upgrading them with low-carbon technologies is essential to cutting bills and meeting our climate goals. It's also key to reducing our dependence on fossil fuels, which are responsible for 96 per cent of the rise in energy bills, thereby helping tackle the cost of living crisis and increase the UK's energy security. Not only are low-carbon technologies good for the planet, but they're good for our pockets.