Most prepared to upgrade efficiency of their homes if they get a quick return

The most common timeframe within which homeowners would expect to recoup their initial investment is five years, according to a survey conducted for Aviva Insurance Ireland.

The findings come after the Government finally launched a much-promised low-interest rate loan scheme for households to fund retrofitting of homes to improve their energy efficiency.

And the latest survey follows another survey conducted by the banking lobby group, the Banking and Payments Federation, that found most people want to go green but they are put off by the cost.

The Aviva-commissioned survey found that four out of 10 homeowners expect to recoup their initial investment in five years.

Just 6pc of homeowners stated that regardless of cost savings, they would make the investment for environmental reasons, the survey carried out among 1,000 adults nationwide by iReach Insights found.

Solar panels, new windows, new doors and attic and cavity wall insulation are the top planned retrofitting projects homeowners want carried out to make their homes more energy efficient over the next one to two years.

A further 6pc of homeowners plan to convert their heating systems from gas or oil to an air-to-water heat pump.

However, a third of homeowners surveyed said that they had no plans to carry out any retrofitting projects.

A quarter of those surveyed said they simply can’t afford the investment.

A further 12pc of respondents to the survey said that they had recently upgraded their homes.

Respondents to the survey who said that they can’t afford the investment was highest among those aged 45 to 54.

It was also higher among women than men.

Those who recently upgraded their homes were most likely to be in the 55-plus age bracket.

Personal lines product manager at Aviva Alan Behan said: “The findings of our latest survey highlighting that most homeowners (over 60pc) would be willing to invest in retrofitting projects to improve the energy efficiency of their homes is hugely positive for the environment and would benefit consumers towards achieving cost savings on their energy bills.”

Mr Behan said the Sustainable Energy Authority of Ireland (SEAI) is Ireland’s national energy authority and provides Government-funded grants to homeowners who are eligible, from 35pc to 50pc of the cost of the work.

He said grants for attic and cavity wall insulations have increased to 80pc.

“Homeowners who can afford to undertake retrofitting projects may wish to undertake an initial home energy assessment that will provide a detailed report on the energy performance of their home and will also outline the energy upgrades required to increase their Building Energy Ratings (BER).

According to the SEAI’s website, the value of a home increases by 1pc for every level that the home goes up on the BER scale,” Mr Behan said.

A home that goes from a BER of G to a B2 rating will increase in value by 10pc.