Despite a growing desire to adopt greener technologies, financial barriers and a lack of understanding remain significant obstacles for many UK homeowners.
The survey, conducted by Energy Systems Catapult in partnership with Heatio and Perenna, was released during Heat Pump Week, aiming to highlight the importance of heat pumps in decarbonising UK homes to meet the 2050 net-zero target.
Finance options key to progress
The research found that 83% of consumers would consider financing low-carbon technology through a long-term fixed-rate mortgage, which rewards energy improvements with a lower interest rate. This option is especially appealing to those under 55, as the mortgage term aligns with existing arrangements.
Thomas Farquhar, co-founder and CCO of Heatio, highlighted the financial and knowledge barriers holding back consumers: “These findings show us we still have a long way to go before the majority of consumers are confident in installing heat pump technology.
“There are significant knowledge and financial barriers facing the majority of UK homeowners. Better financing options are needed to ensure everyone, not just the affluent, can make the transition to this important technology.”
An urgent need to build trust
Misinformation and a lack of trust in heat pumps are also slowing adoption. Only 31% of survey respondents said they are familiar with heat pump technology, and 18% stated they don’t trust it. Farquhar noted the harmful role of misinformation in this trend, stating:
“It’s particularly concerning that there is a lack of trust in heat pumps – this technology is proven to work but a constant stream of misinformation from the gas industry and in the media feeds the fear that they will not help people save money or be more environmentally sustainable.
“This needs to end so we can help more people adopt low-carbon technology and take positive steps to net zero and reduce energy bills.”
Consumer interest in change
Despite these hurdles, there is still significant interest in switching to low-carbon heating systems. The primary motivation for considering low-carbon technologies was to save money (65%), followed by environmental concerns (49%) and rising energy costs (47%).
Rebecca Sweeney, business leader for homes at Energy Systems Catapult, stressed the importance of making low-carbon upgrades appealing and accessible:
“To transform the UK energy system and meet our net zero carbon reduction targets, it is essential we engage consumers by offering them innovative energy products and services that they want to take up.
“It is important that we make it easy and, importantly, desirable for people to upgrade their homes to low carbon heating.”
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