Rics lambastes solar panels
Solar panels take 208 to repay investment
Wednesday, 03, Sep 2008 11:30
The Royal Institution of Chartered Surveyors (Rics) has cast doubt over the validity of a range of home eco-improvements, questioning their potential value for money.
The Rics Building Cost Information Service (BCIS) has developed The Greener Homes Price Guide, published today, which examines the impact of green improvements to property.
With homeowners rocked by huge rises in their energy bills - with a host of energy providers raising gas and electricity prices last month - consumers are increasingly being encouraged to turn to green solutions to save money and reduce their carbon footprint.
However, everything may not be as it seems.
For example the cost of installing cavity wall insulation would be between £440 (for a terraced house) and £2,400 (for a detached), but with an energy bill saving of as much as £145 per annum this cost could be paid back over as few as three years.
However, in contrast, replacing a wall mounted boiler would cost £1,720, and as it makes a saving of £95 per year it would take up to 18 years to offset this.
Installing solar panels can cost between £4,000 and £5,000 yet could save as little as £24 per year, meaning it would take around 208 years to pay back the cost of installation.
"We all have a role to play in helping to reduce our carbon footprint, be it through changes to our behaviour or by choosing greener alternatives," explained BCIS executive director, Joe Martin.
"The reality is, however, most people struggle with the cost, time, and effort it takes to make these changes.
"The Greener Homes Price Guide gives consumers a comprehensive heads-up about the costs and effectiveness of green upgrades, while protecting them from being duped into changes that won't save them money or do little to reduce their carbon footprint."
Chris O'Toole