Barclays is extending its Greener Home Reward Scheme after a study revealed many people overestimate the cost of making energy efficient upgrades to their homes.
Misconceptions around the cost and the time it takes to install energy efficiency-related modifications are among the issues holding homeowners back, the research shows.
The survey by Barclays and Ipsos of nearly 3,000 homeowners, shows many think the cost of installing solar panels, roof insulation and double glazing is higher than the actual cost.
As a result, over half (55%) do not feel confident making their homes more energy efficient, while a third (33%) ruled out making energy efficiency-related modifications altogether. The study reveals the gap between what homeowners actually paid on average to make improvements to their home, and the amount survey respondents expected to pay.
The largest discrepancy was the anticipated price of loft and pitch roof insulation (£3,371) versus what homeowners actually paid on average (£1,213).
The data also shows that homeowners think the installation of some modifications will take longer than the time works take. Read more from Mortgage Strategy >