Green Revolution Stifled by Soaring Cost of Living

521

Posted 1 year ago

New data from theecoexperts.co.uk has revealed that the energy crisis is stifling people’s green technology aspirations. The survey of 2,000 Brits showed that in the past 12 months, rising energy prices have made 43% of the public less likely to purchase low-carbon technology

  • 43% of the public less likely to purchase low-carbon technology due to rising energy costs
  • 38% of people earning over 200K purchased solar panels vs 7% of people on £40-70k
  • 50% of people earning over £200k bought an electric vehicle vs just 8% of those earning £40-70K

Once people reach a certain earnings threshold and therefore not as impacted by the cost of living crisis, solar panels and other green energy options seem to be more viable. 38% of people earning over 200K purchased solar panels in the last 12 months (vs just 7% of people on £40-70k) and 50% of people earning over £200k buying an electric vehicle (vs just 8% of those earning £40-70K).

When the concern of money is removed, 51% of respondents said they would buy solar panels – compared to just 5% who actually did purchase solar panels – and a quarter would buy a heat pump (24%), compared to only 3% who did purchase a heat pump. 

With high costs of living over the past year and no sign of relief, Brits are avoiding green technology investments due to a high initial cost and current financial concerns. 

With solar panels saving you on average £608 a year on your bills, electric vehicles costing roughly half the price of petrol vehicles to run per mile and smart appliances potentially saving you £450 per year, it seems once again there are savings to be had, but only if you can afford to invest in them.

Although the government does offer a £5,000 grant to support heat pump installation in UK homes, a shocking 73% of those surveyed were unaware of the grant being in place. 

Whilst 49% of respondents admitted making energy efficient measures in their home due to climate change concerns, the majority of eco friendly behaviour was driven by the cost of living crisis; with 81% of respondents admitting to reducing their heating usage, turning off lights or using energy saving bulbs and to cope with rising energy bills.

Josh Jackman, Lead Writer from theecoexperts.co.uk commented:

“Our survey shows the appetite for green energy is there, but the cost of living crisis is making it impossible for people to make the changes they want to. It’s upsetting that household changes have overwhelmingly been minor alterations made spurred by a desperate needing to cut costs, as people are unable to make larger green purchases that would make a real difference to their wallet and the climate.”