By Vlad Batkhin
The global green technology and sustainability market was valued at $28.6 billion (€26.8 billion) in 2023 with Europe currently at the forefront of GreenTech innovation. In this article, Vlad Batkhin, founder and CEO of Voltcore, a material science climate tech startup, discusses what these figures mean for the everyday life of a regular European consumer.
Is it affordable to live a green life?
The answer to this question depends on what aspect of Green Tech we are talking about, as it is possible to be eco-friendly daily in terms of transportation, recycling and reuse, lighting and heating as well as food and catering, and many more aspects.
Green Transportation
Worldwide and in Europe in particular, there is a growing emphasis on adopting eco-friendly solutions in transportation to mitigate environmental impact. The statistics show that electric car (EVs) registrations for 2023 made up 23.6% in the share of total new car registrations. Although the EV prices start from €17 000, becoming good competitors for ICE (Internal Combustion Engine) vehicles, the volume-weighted average price of electric vehicles in Europe in 2024 is estimated at €30,000. Fortunately, these costs can be offset by lower fuel and maintenance costs of EVs compared to ICE vehicles.
Energy-efficient Household Solutions
As part of the continent’s broader efforts to reduce carbon emissions and enhance energy efficiency, eco-friendly lighting and heating solutions are increasingly popular in Europe. Switching from conventional lights to LED could annually save €65 billion in energy costs, and cut CO2 emissions by 51 million tonnes here in the EU. The share of electricity generated from all renewable sources (like wind, solar, etc.) has risen significantly, now contributing to over 40% of the EU’s power mix. Governments across Europe offer grants and subsidies to reduce the upfront cost for homeowners. In 2022, nearly 64% of household energy consumption in the EU was dedicated to heating, underscoring the importance of sustainable heating solutions. It is possible to reduce the heating expenditures and CO2 emissions through the implementation of smart home systems solutions including electric-powered infrared heating. As a part of the systems, it can be more energy-efficient than traditional pump heating systems as infrared heaters convert nearly all the input electricity into heat. Infrared heaters provide instant targeted warmth without the need for ductwork or pipes, so no energy is lost in distribution. Infrared heaters emit radiant heat that directly warms objects and people in the room without heating the air, resulting in minimum energy being wasted on heating the air. Additionally, energy-saving smart home heating systems are becoming more accessible. Prices depend on the scale of the system and its complexity, but, on average, they start at €75-100/sq m for lighting and heating. Despite the initial investment, these technologies offer long-term savings on energy bills and significant environmental benefits.
Recycling
In Europe, it is a well-established practice, with significant efforts aimed at reducing waste. According to Eurostat, in 2022, EU countries recycled 48 % of their municipal waste. For households, water recycling and reuse can also be environmentally efficient and financially rewarding: in 2022 desalination cost ranged between €0.50 to €3.00 per m³, whereas water recycling often presented a more cost-effective alternative, with costs between €0.10 to €2.50 per m³. In addition to water reuse, second-hand and resell offline and online markets are gaining popularity among the eco-aware citizens. Disposing of the needless things brings income not only to the seller but also to the buyer: the former reimburses the money spent while the latter receives a discount compared to the market value of the goods.
Ecological Produce and Catering
Packaging is usually the main aspect of eco-friendly food and catering solutions. Sustainable products are generally 75-85% more expensive on average compared to conventional ones. The price gap can vary widely depending on the product category, with health and beauty items showing some of the largest differences. However, sustainable household cleaning products may only be slightly more expensive, while ethical furniture or clothing can be significantly pricier. While the upfront costs are higher, sustainable products can provide long-term benefits, such as improved durability and quality and reduced environmental impact.
What factors can stop you from going green?
The widespread adoption of green technologies in everyday life faces several key barriers. One of the most significant obstacles is the initial investment required for green tech such as solar panels, heat pumps, and energy-efficient appliances. For example, the cost of installing solar panels can range from $10,000 to $30,000 depending on the size and type of system. Although these technologies can lead to long-term savings, the initial costs can be prohibitive for many homeowners.
In some cases integrating green technologies into existing homes can present technical challenges: older buildings that may require significant remodeling.
Moreover, many homeowners are not fully aware of the benefits and availability of green technologies. This lack of perception can be compounded by insufficient information on government incentives, subsidies, and financing options that could make these technologies more accessible.
To fight the fears and doubts governments run extensive campaigns to educate citizens about the environmental and economic benefits of green technologies. For instance, the European Commission’s “EU Energy Label” campaign helps consumers understand the energy efficiency of appliances and promotes the use of energy-saving products. Moreover, European governments run educational programs at schools and universities along with regular promotion on the Internet and TV.
Offering financial incentives is a key method to encourage the adoption of green technologies. These incentives often come in the form of grants, tax credits, and subsidies. For example, in France or Italy the government offers from €3,000 to €9,000 subsidies for EVs depending on the cost of the car.
The Cost and the Future of Green Tech for daily life
Summing up the information above, if a homeowner decides to equip the life with Green Tech innovations, these figures would help to calculate:
- EV prices start from €17,000, with an average price of €30,000 in Europe, which makes them more expensive than ICE vehicles. Yet, fuel/energy costs are much lower for EVs — an EV owner driving 24,000 km per year would spend about €4,300 on electricity, compared to €9,500 on petrol for an ICE vehicle.
- The total cost to install a 4kW solar panel system for an average European home is pricey: typically starting from €10,000.
- Smart home systems are quite affordable, costing around €75-100/sq m.
- Water recycling costs range from €0.10 to €2.50 per m³, more cost-effective than desalination.
Although these figures may be alarming, they ultimately lead to long-term benefits, such as reduced expenses and environmental impact through mindful consumption. The current carbon footprint is estimated at 4 tons of CO2 per person annually.
To reduce the carbon footprint, the government, businesses, and consumers are making much effort, which indicates a positive prognosis for the availability and adoption of a wide range of green technologies in Europe. Electric vehicles are becoming more common, with sales projected to account for 50% of the market by 2030, thanks to extensive investments in charging infrastructure and government incentives. Smart home solutions such as smart heating systems, are also gaining traction, contributing to more sustainable living environments. More and more households and communities are incorporating renewable energy sources such as solar and wind, making sustainable energy more accessible and affordable.
About the Author
Vlad Batkhin a founder and CEO of Voltcore, a professional with over 15 years of expertise in business development and new-tech project execution. Voltcore, a Luxembourg-based smart materials and climate-tech start-up, implements heated polymer filaments. The company helps fight climate change through the new generation of heating materials to ultimately economize energy and CO2 emissions.
