Public willing to pay for 'green' features, Wolseley research reveals
Almost two-thirds (63 per cent) of adults in Britain say they would pay more for an energy-efficient home, according to a study commissioned by Wolseley.
Despite a stagnant housing market and slow consumer spending, the research reveals that almost a quarter of adults (24 per cent) would be prepared to pay between £1,000 and £5,000 on top of the property’s asking price for an energy-efficient home. More than one in 10 (11 per cent) would be happy to pay up to £10,000 more.
This willingness to pay a premium for energy efficiency reflects the level of concern among adults in Britain about climate change. The majority of adults questioned (78 per cent) say they are concerned about climate change and of these, almost a third (29 per cent) are ‘very concerned’ about the issue. Older age groups are most concerned about climate change, with younger people least worried - more than a fifth (21 per cent) of those aged 16-24 say they are 'not very concerned’ about the issue.
In addition, the research shows that more than two-thirds of adults (67 per cent) would be willing to pay more for energy-efficient products and appliances in the home. However, despite a lower awareness of climate change among younger age groups, it is this group which is most happy to spend more on energy-efficient products. Almost a quarter of 16-24 year olds (23 per cent) are willing to pay 10-20 per cent more for ‘green’ appliances, while six per cent are happy to pay as much as 30 per cent more for such goods. In contrast, some 27 per cent of people aged over 45 said they would not be willing to pay more for energy-efficient products.
Adrian Barden, managing director, Wolseley UK, comments: “The majority of people in Britain are concerned about climate change and want to do their bit to minimise their impact on the environment.
"Gas costs have increased by more than 60 per cent in the past four months, and this upward trend is set to continue during 2006 which will hit consumers hard. Driven by this financial incentive, homeowners are becoming increasingly receptive to energy-efficient materials but they need encouragement and guidance to act on this goodwill.
"Energy-labelling of new homes is a positive first step by the Government, but it does not target the more than 25 million2 existing homes in the UK which are continuing to waste energy. A joined up approach between the housebuilding industry and the government is needed to promote change and encourage consumers to adopt more sustainable living.
"By driving take-up of energy-efficient products, materials and systems, the industry can quickly achieve a critical mass which will lower prices and make 'green' the only smart option. Rising energy costs mean energy-efficient systems pay for themselves faster, doubling the benefit for consumers to go green."
In response to increased demand from consumers for energy-efficient products, Wolseley UK’s Plumb Center has introduced its first renewable product, a solar thermal hot water system. It can be used in homes and commercial buildings and includes solar panels that naturally heat water for up to 60 per cent of the year.
The research was conducted by market information specialist TNS, which interviewed 1,563 adults aged 16-64 across Great Britain.
