The energy generation gap: Gen Z and Millennials ‘keen for green’ when house hunting, with majority prepared to pay more for a sustainable property
– New research by sustainable solutions provider E.ON reveals that 81% of Gen Z and 74% of Millennials would pay more for a property that came with a sustainable energy solution, such as a heat pump or electric vehicle charger
– Eight in ten (80%) of Gen Z and 78% of Millennials would reject properties which didn’t meet minimum energy efficiency standards
– Four in five (83%) of Gen Z and Millennials would be more inclined to speak to their landlord about installing an air source heat pump when the new £5,000 Boiler Upgrade Scheme grant comes in, compared to just a quarter (26%) of Gen X
LONDON, March 23, 2022 /PRNewswire/ — New research by E.ON has revealed that over three quarters (77%) of Gen Z – those aged 16-27 – say a home with energy solutions such as a heat pump or electric vehicle charger installed is a priority when looking to buy or rent a new home. This is on a par with priorities such as location (85%), access to transportation links (83%) and outdoor space (77%).
The survey also revealed that eight in ten (80%) of Gen Z and 78% of Millennials – those aged 28-41 – say they’d reject properties that didn’t meet minimum energy efficiency ratings, compared to only six in ten (64%) of Gen X – those aged 42-56 – showing the value different generations place on living in a sustainable home.
Furthermore, over four in five (82%) of respondents from across all ages surveyed, also believe it’s important for buyers or renters to ask property developers and letting agents so they can understand the energy efficiency of a property when house hunting.
Over three quarters (78%) of the younger Gen Z believe heat pumps are an important sustainable energy solution to have installed on a property within the next five years, with solar panels (77%) and electric vehicle chargers (62%) also high on the list of priorities for potential renters and buyers.
In addition, four in five people (81%) aged between 16-41 (Gen Z and Millennials) would be happy to pay more for a property if it meant it had a heat pump, solar panels or electric vehicle charger – with a priority to lower energy bills (35%) and help the planet (20%).
Commenting on the research, Michael Lewis, CEO of E.ON UK, said: “Everyone, whatever their age group, wants a comfortable home that’s easy to heat and we know improving a home’s energy efficiency is the most effective way to help lower energy use and bills, and help the country take action for the climate.
“Heat pumps and other sustainable technologies are crucial tools to help to reduce the emissions from heating our homes and to make sure we are less reliant on foreign gas supplies in the future.
“It’s incredibly encouraging that our research reveals just how important sustainable energy solutions are to the majority of people and the good news for consumers is that the Government’s forthcoming £5,000 grant for cleaner heating upgrades should help incentivise landlords and property developers to improve their properties for the benefit of their residents and for the planet.”
E.ON’s research also revealed that seven in ten of those questioned (69%) are keen to know more about the benefits of having sustainable energy solutions installed at a property.
Through the new Boiler Upgrade Scheme which comes into place this Spring, the Government is offering homeowners £5,000 towards the cost of a replacing their existing heating system with a high efficiency heat pump.
The majority of Gen Z and Millennials (83%) believe they’d be more inclined to speak to their landlord about installing an air source heat pump when the grant comes in. Just a quarter (26%) of Gen X would do the same, proving just how dedicated the younger generation are to taking climate action. This also gives estate agents and landlords an opportunity to promote green credentials when listing a property, as well as encouraging them to ensure properties are fit for the future.
E.ON is encouraging everyone to take action for climate and ensure that all generations are aware of the benefits of installing sustainable energy solutions in their homes.
E.ON provides 100% renewable electricity as standard to all customers’ homes and offers a range of sustainable energy solutions, such as air source heat pumps, electric vehicle charging and solar panels and battery technology.
To find out more about sustainable solutions for your home and how you could take action for climate, visit eonenergy.com/sustainable-homes.
Notes to editors
1. Research carried out by 3Gem on behalf of E.ON in March 2022 with 2,000 respondents aged 16-56. Gen Z based on ages of 16-27. Millennials based on ages of 28-41. Gen X based on ages of 42-56.
2. Electricity backed by 100% renewable sources. Electricity sourced from E.ON’s renewable assets, agreements with independent UK generators and the purchase of renewable electricity certificates. The electricity supplied to your home comes from the National Grid. Find out more at eonenergy.com/renewable.
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