The environment is a hot topic right now- in more ways than one. With global warming reaching alarming rates and causing natural disasters, many homeowners are facing the fact that they need to cut down their carbon footprint.
One of the biggest causes of emissions in private homes is power and heating, as traditional methods often involve the use of unsustainable fossil fuels. To cut down on their impact on the environment, many homeowners are turning to energy-efficient heating and power solutions for their homes, including solar panels and wind turbines.
While these solutions might seem practical and cost-efficient, they often end up costing more money for homeowners. Quotezone.co.uk understands the impact of these solutions on home insurance premiums and the damage that they can cause to properties.
That's why this leading home insurance comparison site has put together a piece on the hidden cost of energy-efficient home power and heating solutions.
The piece titled “It's Not Easy Being Green, But Does It Pay?” helps homeowners to understand the hidden costs and problems that sustainable power and heating supply tech could cause. Though going green is highly encouraged, it only makes financial sense if you're personally going to be living in that home for the next 20 years, according to the article. The piece highlights a few factors to consider when installing energy-efficient tech in your home:
- Poor installation quality could become more costly.
- Additional costs of maintenance and cleaning.
- "Green grants and initiative aren’t permanent".
- Selling an eco-friendly home is more challenging than you think.
- Going green can make your home insurance premiums skyrocket: If changes or improvements you make to your property are considered to be factors that increase the risk of an insurance claim being made, your home insurance premium will rise accordingly.
- Solar panels are likely the biggest factor to influence the rise in your home insurance prices. This is due to the heavy weight of solar panels, which if installed incorrectly or without reinforcements, could cause serious structural damage to your home. The other reason for a potential higher home insurance premium with the use of solar panels is the possibility of roof leakage. Upon installation, the solar panels will be drilled into the roof of your home and even if done correctly, the holes could lead to leaks as the sealants erode.
- Increased repair costs: If you replace your windows or doors with energy-efficient solutions like triple glazing or photovoltaic glass (PV glass), they will almost certainly cost more to replace in the event of an accident or storm damage. Many home insurance providers will take this increased cost of repair into consideration and raise your premiums accordingly.
- Higher rebuild cost: One of the variables home insurance providers use when calculating your premium is the rebuild cost of your property. While permanent fixtures like solar panels can often be covered as part of the rebuild cost if your home ever has to be rebuilt, this does mean your total rebuild cost will rise and your premium could rise accordingly.
- Additional Bills: Not all home insurance providers cover solar panels and other energy-efficient solutions, so check before you install anything. If they refuse to cover it, then you could be left with a hefty bill if these solutions get damaged, or if they cause harm to your property. If you lease the solar panels rather than buying them outright, your home insurance provider is less likely to cover them, and you could find that you have to pay hefty fees to repair or replace the panels or take out additional insurance to cover any accidental damage.
Quotezone.co.uk isn't discouraging homeowners from being eco-friendly, instead, the site is trying to help them find the most cost-effective solutions that work best for their home. "When you’re choosing an eco-friendly solution it’s important to bear in mind that every home insurance provider is different. As such, you should always contact your provider before you choose a solution, and check to see if another home insurance company could give you a deal."