Homeowners can ‘save more than €3,500 a year' with energy-efficient technology
Homeowners using energy-efficient technologies such as solar panels, heat pumps and electric-vehicle home chargers can save more than €3,500 a year, a report says.
As well as reporting big savings, people who have taken the most energy-efficient approach to their homes say they get additional benefits including enhanced levels of comfort, according to Electric Ireland's sustainability index.
Despite the benefits, however, a significant portion of the population feel unable to invest in such technologies due to the upfront costs and a lack of clear guidance.
A total of 13 per cent of those who took part in the survey said they had solar panels installed; 11 per cent owned heat pumps and 7 per cent had EV chargers.
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Respondents said there were clear cost benefits to these new technologies.
Householders generating energy through solar panels reported perceived savings averaging €91 a month on energy bills. Those with heat pumps said they saved an average of €77 monthly. EV owners reported average savings of €128 a month on fuel costs.
The cumulative monthly savings for people with all three technologies comes in at €296 monthly or €3,552 over a year.
While financial savings were listed as the leading benefits, some respondents also spoke of additional benefits: 60 per cent of heat pump owners said their homes were more comfortable as a result and 46 per cent said convenience was another benefit.
Despite benefits of such technology, the Electric Ireland sustainability index shows that willingness to make the switch to more energy-efficient technologies remains low beyond the early adopters.
For those who have yet to make any home energy-efficiency upgrades, few have active plans to do so.
Just 22 per cent are considering solar panels with only 12 per cent considering heat pumps or EV chargers.
The most commonly cited barrier is cost, with nearly 60 per cent saying the upfront cost was a key deterrent.
'What Electric Ireland's new sustainability index reveals is that the long-term benefits of more energy-efficient technologies are clear – but the upfront costs can be challenging' Electric Ireland's Noeline Gibbons said.
She said the average cost of a solar PV system was €8,000 to €10,000 and when SEAI grants were included most households saw a return on investment within four to six years.
'We are acutely aware that many families and individuals want to start the energy transition, but struggle with upfront costs and a lack of information,' she said.
Beyond cost concerns, others reported that the process of accessing grants felt like too much hassle or said they were unsure if the investment would pay off in the long term.
Ms Gibbons said a lack of information and the ease of sticking to current habits were also noted by some as factors holding people back. Awareness of available grants was limited with less than 40 per cent familiar with government support schemes.
'Our sustainability index show that many consumers who are considering switching to more sustainable energy lifestyles simply don't know where to begin – and the range of options can feel complex and daunting so there is a clear need for simple accessible information,' Ms Gibbons said.
The sustainability index was conducted by Red C Research between April 2nd and April 10th, with a nationally representative survey of 1,026 adults.
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