Earth Day: Almost Half of Millennials Look to Make Energy Efficient Upgrades to Their Homes

Study finds millennials to be the most green-conscious generation when it comes to environmentally friendly property renovations

David Hannah, Group Chairman of Cornerstone Tax, explains how we can benefit from making energy-efficient upgrades amidst the climate and cost-of-living crises
 

• 40% of 25-34 year olds think that making their home more energy efficient is a priority for them in 2022. This is in comparison to 34% of 45-54 year olds
• 21% of 25-34 year olds are planning to move house to live a greener life, compared to just 7% of 55-64 year olds
• 49% of 25-34 year olds have looked into making their home more energy efficient, but found it too expensive without government support. This is in comparison to 38% of 18-24 year olds

Ahead of Earth Day tomorrow, a landmark study from Cornerstone Tax found that millennials are leading the way for sustainability. The study showed that 40% want to make energy efficient changes to their homes in 2022 - compared to 34% of 45-54 year olds. Research from Nielsen also suggests they are the most eco-conscious generation to date, with 76% seeing caring for the environment as a top priority. 

Cornerstone’s nationally representative study also found that 21% of 25-34 year olds are even prepared to move house in order to live a greener life – this is in stark contrast to just 7% of 55-64 year olds. Homeowners can often feel forced to move in order to make their properties more eco-friendly due to planning restraints or start-up costs. However, a lack of energy efficient homes is also a key issue that the UK is facing in terms of becoming more environmentally friendly. Residential properties are responsible for a fifth of the UK’s carbon dioxide emissions, prompting the government to pledge that by 2035 every home should have an EPC rating of C or above as part of its long-term plan to tackle climate change.

The lofty start-up costs are clearly deterring Brits from making energy efficient changes to their homes. Cornerstone’s research found that 1-in-2 millennials (49%) have looked into carrying out these upgrades but found them too expensive without government support, in comparison to just 38% in the Gen Z age group. Despite the barriers that exist, the research from Cornerstone Tax revealed a real appetite amongst millennial homeowners to commit to living an eco-friendly life and they are predicted to drive a greener future for the UK property market.

David Hannah comments on millennials making energy efficient home improvements:

"It's encouraging to see that 40% of millennials want to make energy efficient property renovations in 2022. Adding to this, 21% of this generation are even prepared to move somewhere new if it enables them to live a greener life.
 
“However, many obstacles still remain for those looking to make their homes more environmentally friendly, and the government just needs to go a step further to ensure that these renovations are a viable option for everyone and not just those who can afford it.

"I found it particularly interesting that millennials have the strongest intentions in this area – making these upgrades not only has a positive effect on the environment, but will also reduce their energy bills in the long run.”