New research from Banking & Payments Federation Ireland reveals that 64% of consumers have carried out at least one significant energy efficiency home improvement as energy costs continue to jump.
Today’s research, carried out by Amárach, shows that 42% of consumers are planning to do at least one energy efficiency home improvement in the next three years.
The new BPFI research on Sustainable Finance found that cutting energy costs is the main motive for people to go green (47%) followed by making the home warmer (24%) and reducing the amount of energy wasted (13%).
BPFI said that 50% of people who have improved or plan to improve their home’s energy efficiency rely on savings.
It also said that between 43% and 54% of those planning to make home energy improvements in the next three years plan to use savings.
Between 26% and 38% plan to use government grants, credit union or bank loans or mortgage top-ups to make up the rest of the financing.
As part of the home improvements, BPFI’s survey shows that 53% had attic or wall insulation while about a quarter had upgraded heating controls or condensing boilers.
Just over one in ten respondents said their home used solar power or heat pump systems with only 18% and 13% of respondents respectively planning to invest in these in the next three years.
42% of respondents said they had looked into solar power but were unlikely to make the investment in the next three years, BPFI added.
BPFI’s Sustainable Finance Paper also looked at the role banks are playing in the assisting targets set by the Government’s Climate Action Plan and set out recommendations which will be crucial in enabling the sector to remain a core part of the climate transition.
Brian Hayes, chief executive of BPFI, said the banks here have already made significant movements to deliver on the objectives of the Climate Action Plan by providing much-needed finance at preferable green interest rates to customers to improve their energy efficiency.
But he said there is still a way to go.
“It is estimated €20 billion per annum of investment will be required over the next ten to reach Ireland’s emission reduction target – about one third of which will be public capital spending with the rest needing to come from private investment,” Mr Hayes said.
“It is clear therefore that without the mobilisation of private finance, targets set out within Climate Action Plan cannot be reached,” he added.