Climate change encourages homeowners to do costly upgrades

Aussie homeowners want to upgrade their homes and increase their value, but there are cost barriers stopping them.

Fears over climate change have spurred homeowners to take matters into their own hands, with close to three in four reporting they planned to soon install green upgrades.

That’s according to new research from CommBank, which revealed that Aussies have sustainability at the forefront of their minds.

The research indicated seven out of 10 homeowners said installing solar and energy efficient features will increase the value of their property.

And about 80 per cent of those polled said they were planning to install greener upgrades to their home in the next 12 months.

But a high proportion of homeowners also bemoaned the high cost of implementing sustainable upgrades, especially during the current cost of living crisis.

Energy efficient homes are at the forefront of Aussie’s minds. Picture: David Swift

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CommBank executive general manager home buying Michael Baumann said Aussies’ appetite to make energy efficient upgrades was growing.

“Energy efficient features are moving from a nice-to-have to an essential for many Australians,” he said.

Solar panels, electrical heating, battery packs and double glazed windows were ranked highly among Australian homeowners, according to CommBank.

Electrical heating, batteries and solar were ranked highly by Aussie home owners. Picture: Mark Wilson

However, the research revealed affordability challenges were preventing Australians from making greener choices for their homes.

“Now more than ever, homeowners are faced with affordability challenges and the research identified cost as a barrier to making energy efficient upgrades,” Mr Baumann revealed.

Six out of ten respondents said the cost of energy efficient solutions was preventing them from upgrading their homes.

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“Buying and installing clean energy products is an investment and making meaningful upgrades to your home can require a significant upfront financial commitment,” Mr Baumann said.

Solar panels are one green measure that can be costly. Picture: Mark Stewart

The research also revealed that nine in 10 Aussies weren’t aware if their bank offered a low-interest loan or discounted loan to help them cover the upfront costs of making home energy efficiency upgrades.

Green loans and financial products are available to help Australians with upfront costs in making their home more sustainable and energy efficient, Mr Baumann said.

Commbank have recently increased their green loan from $20,000 to $30,000 to assist eligible customers in achieving greener homes.

“The conversation is starting to shift from energy efficient features in our homes being considered luxurious upgrades to becoming important home renovation priorities that are an investment for the future.”

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Originally published as Climate change encourages homeowners to do costly upgrades