Households Could Save Thousands with Green Technology, But Cost Barriers Persist

A recent report highlights that households investing in clean energy technologies such as heat pumps, solar panels, and electric vehicle chargers could save approximately £37,000 over a 15-year period. Despite these potential long-term savings, high initial costs remain a significant barrier, especially for lower-income families, with 92% perceiving green upgrades as financially out of reach. The study, conducted by energy provider Ovo and reviewed by academics from Exeter, Leeds, and Stirling universities, emphasizes the importance of expanding financial support measures like grants and low-interest loans to facilitate the transition to sustainable energy solutions. The report evaluates six key green measures: installation of heat pumps, home insulation, solar panel adoption, leasing electric vehicles, installing home EV chargers, and utilizing smart meters. While the upfront investment averages around £15,500 after incentives, the return on this investment is projected within five years through reduced energy bills and lower operating costs, leading to total savings exceeding £37,000 after 15 years—even when accounting for inflation and borrowing costs. However, many households...