FUEL POVERTY: HOW MUCH DO GREEN UPGRADES REALLY SAVE YOU?
RICS launches Greener Homes Price Guide
Homeowners in the region rocked by huge rises in their energy bills are increasingly being encouraged to turn to green solutions to save money and reduce their carbon footprint - but will these changes deliver the savings they claim or will consumers end up incorporating expensive ‘green’ upgrades that take a lifetime to pay off?
To help consumers, RICS’ Building Cost Information Service (BCIS) has developed The Greener Homes Price Guide which offers impartial expert advice on the cost, energy saving, payback period, and disruptiveness of green improvements to your property.
By using the guide, homeowners will be able to target the areas in their homes where green upgrades would have the most impact. This will enable them to make informed choices on how best to improve their homes, whether this is with a view to solely reduce their carbon footprint or reduce their energy bills.
Often caught between wanting to be more environmentally friendly and needing value for money many consumers are left confused over which green upgrades offer the best energy savings for the best price.
For example the cost of installing cavity wall insulation would be between £440 (for a terraced house) and £2,400 (for a detached) but with an energy bill saving of as much as £145 per annum this cost could be paid back over as few as three years. Replacing a wall mounted boiler would cost £1,720 however and as it makes a saving of £95 per year it would take up to 18 years to offset this. In contrast installing solar panels costs between £4,000 - £5,000 yet could save as little as £24 per year, meaning it would take around 208 years to pay back the cost of installation.
Philip Wilbourn, RICS spokesperson in Yorkshire & Humberside and Chartered Environmental Surveyor, says:
“We all have a role to play in helping to reduce our carbon footprint, be it through changes to our behaviour or by choosing greener alternatives. The reality is, however, that most people struggle with the cost, time, and effort it takes to make these changes.
“The Greener Homes Price Guide gives consumers a comprehensive heads-up about the costs and effectiveness of green upgrades, whilst protecting them from being duped into changes that won’t save them money or do little to reduce their carbon footprint.
Mr Wilbourn, of Wilbourn Associates in Sheffield, adds: “Consumers need innovation and enhanced technology to help in the fight against climate change, not just a guilt trip about living in the world we have created.
“We encourage governments and companies not just here in the UK, but all over the world to continue to invest more in the research and development of green technologies.“
In addition to offering cost advice The Greener Homes Price Guide also includes practical advice on:
what grants are available and how to apply for them
when you need to apply for planning permission
how to obtain builders or specialist contractors
Notes to Editors:
Examples
All costs in these examples are for terraced properties, the guide also includes costs for semi detached and detached homes as well as regional location factors.
Fuel costs have been assessed from the increases over the past few years, however, these costs may increase more rapidly, as natural fuel resources dwindle, and as a result the payback periods will be reduced correspondingly by the effect of these increases.
BCIS have applied a ratings system throughout the book which gives each improvement a star rating depending on four factors; the cost, payback period, energy saving per year and how much disruption the work will cause
The Greener Homes Price Guide: Organising and Budgeting for Energy Efficiency and Reducing Your Carbon Footprint, is priced £17.99 and can be ordered online at www.bcis.co.uk/greenerhomes or by calling T +44 (0)870 333 1600 (select option 2 for BCIS sales and quote item code 17012). Also available in all good bookshops. Publication date: August 2008. ISBN: 978 1 904829 67 6
About RICS
RICS (Royal Institution of Chartered Surveyors) is the mark of property professionalism worldwide. It covers all aspects of property, construction and associated environmental issues. RICS has 86,000 chartered members (FRICS and MRICS) and 55,000 members in other categories of membership (TechRICS, trainees and students) globally. It represents, regulates and promotes the work of these property professionals throughout 146 countries. RICS is governed by a Royal Charter approved by Parliament which requires it to act in the public interest. It is also a professional regulatory body approved by Government (HM Treasury).
About BCIS
BCIS (Building Cost Information Service) publishes information on the capital cost of new and refurbished work collected from Chartered Quantity Surveyors and others working in the building industry. BCIS is a trading name of RICS and was established in 1962 to exchange detailed building price information.
For further information, please contact: Nina Hands (nina.hands@golleyslater.co.uk) or Sarah Stafford (sarah.stafford@golleyslater.co.uk) at Golley Slater PR on 01943 484848.
Homeowners in the region rocked by huge rises in their energy bills are increasingly being encouraged to turn to green solutions to save money and reduce their carbon footprint - but will these changes deliver the savings they claim or will consumers end up incorporating expensive ‘green’ upgrades that take a lifetime to pay off?
To help consumers, RICS’ Building Cost Information Service (BCIS) has developed The Greener Homes Price Guide which offers impartial expert advice on the cost, energy saving, payback period, and disruptiveness of green improvements to your property.
By using the guide, homeowners will be able to target the areas in their homes where green upgrades would have the most impact. This will enable them to make informed choices on how best to improve their homes, whether this is with a view to solely reduce their carbon footprint or reduce their energy bills.
Often caught between wanting to be more environmentally friendly and needing value for money many consumers are left confused over which green upgrades offer the best energy savings for the best price.
For example the cost of installing cavity wall insulation would be between £440 (for a terraced house) and £2,400 (for a detached) but with an energy bill saving of as much as £145 per annum this cost could be paid back over as few as three years. Replacing a wall mounted boiler would cost £1,720 however and as it makes a saving of £95 per year it would take up to 18 years to offset this. In contrast installing solar panels costs between £4,000 - £5,000 yet could save as little as £24 per year, meaning it would take around 208 years to pay back the cost of installation.
Philip Wilbourn, RICS spokesperson in Yorkshire & Humberside and Chartered Environmental Surveyor, says:
“We all have a role to play in helping to reduce our carbon footprint, be it through changes to our behaviour or by choosing greener alternatives. The reality is, however, that most people struggle with the cost, time, and effort it takes to make these changes.
“The Greener Homes Price Guide gives consumers a comprehensive heads-up about the costs and effectiveness of green upgrades, whilst protecting them from being duped into changes that won’t save them money or do little to reduce their carbon footprint.
Mr Wilbourn, of Wilbourn Associates in Sheffield, adds: “Consumers need innovation and enhanced technology to help in the fight against climate change, not just a guilt trip about living in the world we have created.
“We encourage governments and companies not just here in the UK, but all over the world to continue to invest more in the research and development of green technologies.“
In addition to offering cost advice The Greener Homes Price Guide also includes practical advice on:
what grants are available and how to apply for them when you need to apply for planning permission how to obtain builders or specialist contractors
Notes to Editors:Examples
| Overall star rating | £ - cost | P – payback period | E – energy saving per year | D - disruption | |
| Cavity wall insulation to external walls | ***** | £440 | 3 | £145 | Little disruption |
| Increasing insulation in loft | **** | £325 | 5 | £60 | Minor disruption to part of house |
| Replace heating system including pipework | *** | £7140 | 31 | £230 | Little disruption |
| Install condensing boiler to replace existing boiler | *** | £1720 | 18 | £95 | Minor disruption to part of house |
| Install solar panels | ** | £4000 | <100 | £24 | Major disruption to part of house |
All costs in these examples are for terraced properties, the guide also includes costs for semi detached and detached homes as well as regional location factors.
Fuel costs have been assessed from the increases over the past few years, however, these costs may increase more rapidly, as natural fuel resources dwindle, and as a result the payback periods will be reduced correspondingly by the effect of these increases.
BCIS have applied a ratings system throughout the book which gives each improvement a star rating depending on four factors; the cost, payback period, energy saving per year and how much disruption the work will cause
| BCIS Star Rating | |||
| £ = Cost | E = Energy saving per year | ||
| More than £10000 | * | Up to £25 p.a | * |
| £5001 to £10000 | ** | £26 to £50 p.a | ** |
| £1001 to £5000 | *** | £51 to £75 p.a. | *** |
| £501 to £1000 | **** | £76 to £100 p.a. | **** |
| £1 to £500 | ***** | More than £100 p.a. | ***** |
| P = Payback period (recovery of cost time) | D = Disruption | ||
| More than 100 years | * | Major disruption to whole house | * |
| 51 years to 100 years | ** | Major disruption to rooms or part of house | ** |
| 26 to 50 years | *** | Minor disruption to room/part of house | *** |
| 11 to 25 years | **** | Little disruption, minor moving and making good | **** |
| Up to 10 years | ***** | No disruption | ***** |
The Greener Homes Price Guide: Organising and Budgeting for Energy Efficiency and Reducing Your Carbon Footprint, is priced £17.99 and can be ordered online at www.bcis.co.uk/greenerhomes or by calling T +44 (0)870 333 1600 (select option 2 for BCIS sales and quote item code 17012). Also available in all good bookshops. Publication date: August 2008. ISBN: 978 1 904829 67 6
About RICS
RICS (Royal Institution of Chartered Surveyors) is the mark of property professionalism worldwide. It covers all aspects of property, construction and associated environmental issues. RICS has 86,000 chartered members (FRICS and MRICS) and 55,000 members in other categories of membership (TechRICS, trainees and students) globally. It represents, regulates and promotes the work of these property professionals throughout 146 countries. RICS is governed by a Royal Charter approved by Parliament which requires it to act in the public interest. It is also a professional regulatory body approved by Government (HM Treasury).
About BCIS
BCIS (Building Cost Information Service) publishes information on the capital cost of new and refurbished work collected from Chartered Quantity Surveyors and others working in the building industry. BCIS is a trading name of RICS and was established in 1962 to exchange detailed building price information.
For further information, please contact: Nina Hands (nina.hands@golleyslater.co.uk) or Sarah Stafford (sarah.stafford@golleyslater.co.uk) at Golley Slater PR on 01943 484848.
