A new survey by property advisor, Savills Ireland, of over 1,000 adults nationwide, found that while the average expected wait time to recoup a €10,000 investment in a home energy upgrade was 5.6 years, the most that the highest percentage of respondents (47pc) said they would be willing to wait for payback is between three and five years.

The top three improvements considered to be most effective in improving a home’s BER, as chosen by 1000 adults nationwide were:

1. Solar Panels
2. Window installation
3. Attic/ wall insulation

Commenting on the survey findings, Beverly Ensor, Divisional Director at Savills Ireland said:

“It is interesting that homeowners are more inclined to put their faith in solar panels rather than attic or wall insulation when it comes to improving the energy efficiency of their home. However, the advice is to add renewable energy sources – such as solar panels – after a home has been insulated.

According to Sustainable Energy Authority of Ireland (SEAI), once a homeowner has undergone a BER assessment, insulating your home should be your first step towards energy efficiency. Between 20pc and 30pc of a home’s heat is lost through its walls and up to 30pc is lost through a poorly insulated attic.

Savills reports a variation in the responses received when homeowners were asked how long they would expect to wait to recoup their investment in a home energy upgrade project.

Ensor observed,

“People’s perception of how long it would take to see a return on investment (ROI) varies quite significantly. Some people (16pc) perhaps unrealistically would expect to see a payoff from a €10,000 investment in one to two years, while others (12pc) would be patiently waiting for more than ten years.

Three to five years was deemed to be the most realistic timeframe for a ROI with almost half of the people we asked choosing this option.

In reality, the ROI timeframe depends not only on what you get done, but on the sequence in which you make these improvements. If a home isn’t properly insulated before say installing a renewable heating system like a Heat Pump you may not get a reduction in running costs. Consideration also needs to be given to the main energy use within the dwelling, in homes with poor energy ratings the heating contributes to a significant portion of the energy use and fitting solar panels would not address the energy profile or assist in improving comfort.
For this reason, it is very important that people carefully plan their home energy upgrades before undertaking any work – otherwise, they are at risk of not seeing much, if any, payback on the money spent or improvement in the comfort of the home.”

Additional findings from the Savills Ireland Home Energy survey reveal:

• House hunters (71pc) would be more likely than existing homeowners (63pc) to want payback for a €10,000 home energy upgrade in under five years.
• Those with upcoming home energy upgrade plans are more likely to think solar panels are the best way forward.
• Only a small fraction of adults believe energy-efficient boilers, home appliances and light bulbs are the best way to improve a home’s energy efficiency.