BUSINESS HEALTH
Home improvements motivated by comfort, warmth and energy savings
Insights research commissioned by the Irish League of Credit Unions, Energia and House2Home to mark the nationwide launch of the CU Greener Homes scheme found that over half (56%) of Irish households were considering home improvements due to more time spent at home. The research showed that comfort and warmth (68%) and saving money on energy (63%) were the two main drivers of future Irish home improvements. Meanwhile the kitchen (56%) is the room most people would like to improve, with the exterior of the house (44%) and living room (41%), also popular. Preferred When it comes to preferred home improvements, insulation is the first choice for many. A total of 34% would like to fit exterior wall insulation, 33% would opt for attic insulation while 29% would favour extra window glazing, said the research. The research found that 64% would spend up to €5,000 on home improvements with 26% planning to spend in excess of €10,000. This indicated a wide range of improvements were being considered and a significant proportion of Irish households who were prepared to make a large investment in long-term upgrades, it was noted. Access to finance Of those who had recently carried out home improvement upgrades, 60% primarily used their savings to pay for the work, with 21% borrowing money. Of this borrowing cohort, 68% turned to their local credit union with just 23% using a bank.
One third (33%) of respondents who are planning future home improvements said they would borrow from a credit union, compared to only 10% who planned to take a bank loan. Carbon footprint and sustainable homes A total of 57% of respondents felt Ireland wasn’t doing enough to reduce its carbon footprint. The research also showed that issues around energy efficiency and climate change were prevalent in people’s thoughts, with 43% considering future home improvements to be more climate friendly. In addition, 77% thought a better BER or energy rating for their own home would positively impact the environment. Aware Paul Bailey, Head of Communications of the Irish League of Credit Unions said: ‘We have been aware for some time, through our member credit unions, of the significant demand for a green home improvement loan. ‘In keeping with the Government’s Climate Action Plan, we embarked on an explorative journey with Energia and House2Home to see how we could collaborate to deliver the SEAI preferred one-stop-shop approach to deep retrofitting. ‘The outcome of this journey is the CU Greener Homes scheme. Our aim is to make the process of deep retrofitting easy and cost effective for credit union members with loans from as low as 4.9%. ‘In Energia and House2Home, we have found two partners who share our passion for excellent customer experience and com-
mitment to the environment.’ Unsurprising Cormac Mannion, head of energy services at Energia commented how the nation had spent more time at home in general than ever before, at time of writing. ‘So, it is unsurprising to see people report that they are seeking new ways to create a comfortable, and cost-efficient environment at home,’ he said. ‘The CU Greener Homes scheme is an opportunity for households across Ireland to undertake meaningful improvements and changes that will not only benefit them, but also their community, the broader environment and future generations. ‘Through our work to supply 100% green energy to communities across Ireland, we see the tangible benefits of such changes. ‘We are delighted to partner with the Irish League of Credit Unions and House2Home, two organisations that share our commitment to community and sustainability.’ Happy customers Rory Clarke, general manager of House2Home commented: ‘At House2Home we have been providing home energy upgrades to happy customers since 2013. ‘We believe in a cleaner, greener future for our communities and look forward to partnering with the Irish League of Credit Unions and Energia, who share this commitment. ‘We are delighted to bring the full House2Home experience to customers and provide them with one complete solution when they decide to upgrade their home.’ Further information on the CU Greener Home Scheme is available at https:// cugreenerhomes.ie/. HARDWARE & HOMESTYLE • DIRECTORY 2022 13
