In observance of Earth Day, Prosper surveyed US consumers last week to better understand their financial attitudes towards implementing eco-friendly home improvements.
The main finding is that although consumers have a strong desire to implement energy-saving home improvements, they are deterred by the high costs of these projects:
- 91% care about conserving natural resources
- While 60% of survey respondents listed ‘saving money on bills’ as an incentive to adopt a green lifestyle, 75% of respondents indicated that they are deterred from pursuing energy-saving home improvements due to high costs of implementation.
As a community for social lending, Prosper offers eco-conscious Americans with good credit histories a way to connect with their like-minded peers to fund green projects in an affordable way. A separate survey of Prosper lenders found that 25% of respondents have bid on borrowers’ loan listings to support green projects, and 93% of respondents would consider bidding on such listings.
1. Are you concerned with conserving natural resources?
| Answer | # | % |
|---|---|---|
| Yes | 515 | 91% |
| No | 54 | 9% |
2. Which of the following is the number one incentive for you to implement energy saving personal / home improvements? (please select only one)
| Answer | # | % |
|---|---|---|
| Conserving natural resources | 176 | 31% |
| Increasing the value of my property | 34 | 6% |
| Saving money on bills | 344 | 60% |
| Other, please specify | 16 | 3% |
3. What is the number one deterrent for you to implement energy-saving personal / home improvements? (please select only one)
| Answer | # | % |
|---|---|---|
| Cost | 430 | 75% |
| Time to implement improvements | 101 | 18% |
| Seeing no need to implement energy saving personal and home improvements | 14 | 2% |
| Other, please specify | 25 | 4% |
4. What types of personal / home improvements have you invested in to save energy? (please select all that apply)
| Answer | # | % |
|---|---|---|
| Bicycle | 67 | 12% |
| Built-in water purifier | 73 | 13% |
| Compact fluorescent lights | 388 | 70% |
| Energy-efficient clothes washer / drier | 205 | 37% |
| Energy-efficient dishwasher | 178 | 32% |
| Energy-efficient water heater | 180 | 32% |
| High efficiency shower-head | 184 | 33% |
| Hybrid automobile | 31 | 6% |
| Insulation | 225 | 40% |
| Organic foods and products | 156 | 28% |
| Recycled products | 345 | 62% |
| Sustainable flooring | 31 | 6% |
| Reusable grocery bags | 284 | 51% |
| Solar energy panels | 16 | 3% |
| Water saving toilet | 242 | 43% |
| Other, please specify | 48 | 9% |
5. About how much did you spend in 2007 on energy saving personal / home improvements?
| Answer | # | % |
|---|---|---|
| $0 to $100 | 206 | 36% |
| $100 to $500 | 167 | 29% |
| $500 to $1000 | 94 | 16% |
| $1000 to $5000 | 67 | 12% |
| $5000 to $10000 | 22 | 4% |
| $10000 to $25000 | 9 | 2% |
| More than $25000 | 5 | 1% |
6. What types of personal / home improvements do you plan to implement in 2008 to save energy? (please select all that apply)
| Answer | # | % |
|---|---|---|
| Bicycle | 45 | 8% |
| Built-in water purifier | 34 | 6% |
| Compact fluorescent lights | 203 | 38% |
| Energy-efficient clothes washer / drier | 54 | 10% |
| Energy-efficient dishwasher | 46 | 9% |
| Energy-efficient water heater | 46 | 9% |
| High efficiency shower-head | 70 | 13% |
| Hybrid automobile | 44 | 8% |
| Insulation | 73 | 14% |
| Organic foods and products | 126 | 24% |
| Recycled products | 202 | 38% |
| Sustainable flooring | 24 | 5% |
| Reusable grocery bags | 181 | 34% |
| Solar energy panels | 21 | 4% |
| Water saving toilet | 68 | 13% |
| Other, please specify | 78 | 15% |
7. How much do you expect to spend on energy saving personal / home improvements in 2008?
| Answer | # | % |
|---|---|---|
| $0 to $100 | 182 | 32% |
| $100 to $500 | 171 | 30% |
| $500 to $1000 | 98 | 17% |
| $1000 to $5000 | 72 | 13% |
| $5000 to $10000 | 17 | 3% |
| $10000 to $25000 | 12 | 2% |
| More than $25000 | 16 | 3% |
