Households could make huge savings from clean tech – report

There are calls for more grants and low-cost loans to help people switch to green technology, which could'save up to £37,000 in 15 years. Emily Beament reports

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HOUSEHOLDS with clean tech including heat pumps, solar panels and home charging for electric cars could save £37,000 over 15 years, a report suggests.

But high initial costs of adopting the green technologies are a barrier for most people, with 91% of those on lower incomes feeling they are "out of reach", the research by energy company Ovo warns.

The firm is calling for an expansion of grants and low-cost loans to help people make the switch to green tech, particularly low income households, as well as a social tariff to support vulnerable people through the UK's transition to clean energy.

And it joins widespread calls to reduce the cost of electricity, which is significantly more expensive than gas due in part to high policy costs added to power bills, to further incentivise the switch to electric heat pumps and cars.

The report from Ovo, which has been reviewed by academics from the universities of Exeter, Leeds and Stirling, warns delaying the shift to the clean tech that is critical for the UK's efforts to cut climate emissions has a major financial impact for households. It looks at six green measures: heat pumps, home insulation, solar panels, leased electric vehicles (EV), a home EV charger and a smart meter.

The average household installing all the measures would pay out, after incentives, around £15,500 to make the green switch.