Brits vastly overestimate both the cost and time to install green upgrades in their homes, according to a new study from Barclays and Ipsos.
The research found there was a huge discrepancy between the costs of energy efficiency measures and what homeowners expected to pay for them – with respondents expecting loft and pitch resolution to be more than two and half times more expensive than homeowners actually paid on average (£3,371 vs £1,213).
The cost of A-rated double and triple-glazed windows was also significantly overestimated, with respondents predicting it could cost a third (33 per cent) more than homeowners paid on average (estimated cost £8,166 vs actual £6,125).
The data also revealed that homeowners think the installation of some modifications will take much longer than the time works actually take to complete, which could be particularly off-putting to hybrid and homeworkers who hope to minimise disruption.
The most significant misconception was the length of time required to install solar panels, which were overestimated by 45 per cent.
Homeowners also considered that A-rated double or triple-glazed windows took over 22 per cent longer to install than in reality.
This meant that, despite record energy bills last winter, more than half (55 per cent) of homeowners do not feel confident making their homes more energy efficient, while a third (33 per cent) has ruled out making energy efficiency-related modifications altogether.
Following the research, Barclays has the extended its ‘Greener Home Reward scheme’ – which offers residential mortgage customers up to £2,000 to make selected home energy efficiency-related improvements.
Matt Hammerstein, chief executive of Barclays UK said: “Our research identified myths and misconceptions about how long it takes to make energy efficient modifications and the costs involved, while our extension will also enable us to obtain greater insights to help us develop new products and services for our customers.
Last year, Jeremy Hunt pledged to spend a further £6bn from 2025 to insulate homes and upgrade boilers, as the government targets a massive 15 per cent cut in energy demand this decade.
The chancellor followed this up in March this year with plans for a further £1.8bn in funding to boost energy efficiency and cut emissions across homes and public buildings across England.
Installation rates across the UK have dropped sharply in the past decade from over 2m homes per year to just tens of thousands after former prime minister David Cameron slashed previous efficiency schemes in the mid-2010s – as revealed in the BEIS Select Committee report on energy pricing last year.
The government has been approached for comment.