How green tech could increase your home’s value by 15%

05 April 2024 | OVO

Homes with green tech are in demand

Our latest research shows that homes with green tech are hot property. Over two thirds of people planning to buy a home in the next 2 years are looking for somewhere with green tech – which improves energy efficiency and reduces carbon emissions.1 Not only is tech like solar panels, EV charging points, and heat pumps better for the planet, it can also save money on bills.

How does your home’s energy rating affect its value?

Data from Rightmove’s Greener Homes Report2 shows that improving a property’s EPC rating from F to C could increase its overall value by 15%. So investing in green tech doesn’t just lower your bills – it can add long term value to your home, too.

How to improve an average UK home’s EPC rating

Our Energy Expert, Greig Millar, has shared the best ways to improve your home’s EPC rating if you can.3

  • Change EPC rating from F to E by adding:

    • Loft insulation: from 50mm to 300mm thick. Rough cost: £800-900.
    • Cavity wall insulation: from none to cavity filled. Rough cost: £2687.
    • Total investment: around £3,600.
  • Change EPC rating from E to D by adding:

    • 10 Solar panels: connected to mains, no battery. Rough cost: £6,300.
    • Total investment for solar and insulation: around £9,900.
  • Change EPC rating from D to C by adding:

    • Air source heat pump: with time and temperature zone controls. Rough cost: from £5,000, including BUS grant.
    • Total investment for solar, insulation, and heat pump: around £14,900.

There are other things you can do to green up your home and lower your bills – and lots of them don’t cost anything. Check our guide for simple ways to make your home more energy efficient.

OVO customers in home with heat pump

Homeowners are willing to invest in going green

The Greener Homes Report found that 60% of properties for sale on Rightmove had an EPC rating of D or below. But it also found that most homeowners are willing to spend money to increase their rating. Out of the 83% who would invest in going green, a quarter said they’d pay more than £5,000 to improve energy efficiency if they could.

Our own data shows that 35% of prospective home buyers are more likely to make an offer on a home with green tech installed, like solar panels or a heat pump. This was 37% for triple-glazed windows, and 31% for roof insulation.

What’s driving people to get green tech installed?

For people planning to get green tech in their home in 2024, the study found that the top motivators are:

Infographic showing what the top motivators are for getting green tech installed

And the most-wanted green upgrades are:

Infographic showing the most wanted green upgrades

How one customer is saving with green home tech

OVO customer, Robin Clapp, is saving over £120 a month on his driving and home energy costs after getting solar panels and an EV charging point at his home in Wiltshire over a year ago. Thanks to these updates and a new boiler, he’s improved his home’s EPC rating by two bands, from a D to B.

Robin’s saving even more on his electric vehicle costs with OVO’s Charge Anytime rate. He’s lowered his travel costs from £90 a month on diesel to £20 a month for his EV.

Speaking about his reasons for going green, 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 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.”

Spread the cost of green home tech

Even though costs for things like solar panels have come down in recent years, they’re still a big investment. To help, we’ve launched a 0% APR solar financing option.4 This gives you 36 months interest-free to spread the cost of your solar panel 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 for innovations and the sharing of evidence-based data insights in this space.”

From solar panels, electric vehicle chargers and heat pumps to a visit from our Energy Experts, you’ll find lots of ways we can help you go greener at home.

Sources and references:

1 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.

2 Rightmove’s Greener Homes Report (July 2023)

3 Based on a 3-bed semi-detached home with double glazing and a pre-1998 wall mounted non condensing gas boiler.

4 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.