What is payback?
Many people ask Bristol Green Doors and their householders what the "payback" is on the improvements they have made to their homes. With a high rate Feed in Tariff this is quite easy to quantify but in most other cases it is hard. Factors such as how people use the home and external temperatures are so variable and ther are also "hidden" benefits such as comfort and health to which a financial value is less easily attributed.
In 2015 we have been sponsored by the Ecology Building Society and an estate agent (Boardwalk Property Co), organisations from outside the retrofit trade sector, who are both recognise value in different ways. Here are their thoughts:
Nick Stopard - Boardwalk Property Co
At Boardwalk, we are aware that the benefits of energy efficient refurbishment can be manifold. Payback can come in the form of comfort, warmth and subsequent positive impact on your family’s health. Payback can come in the form of satisfaction that you are minimising your carbon footprint and the environmental impact of your home. However, for many people, the question arises that with many options available with sustainable retrofit, if you were to make a major financial commitment to improving the energy efficiency of your home, where and when will I see my money return?
Firstly, and most obviously, with increased efficiency comes a saving on bills. Though, it may take a number of years for your savings to amount to level of the initial outlay, these monthly savings can start to add up and can put more control in the consumers hands and away from the energy companies and fluctuating prices.
So, can larger gains be made? Whether it is fair or not, the market is rising, property is in high demand and therefore prices which people are willing to pay are increasing. There is a huge demand for high quality property. Whilst buyers don’t directly enquire directly for property with green retrofit, what we recognise at Boardwalk is that for those looking for quality, properties with attention to green retrofit will stand out against its competition
Innovation always adds value to a house. Though a monetary value can’t always be gauged, from a new kitchen or a loft conversion to solar panels or heat recovery ventilation, Boardwalk are keen to champion the idea, that green renovation should definitely be considered a valuable part of any refurbishment if you are looking to remarket a property have it labelled as ‘the highest quality’.