Households tipped to spend $85 billion on energy upgrades, but renters and young Australians could miss out

Australian households plan to spend $85 billion on home energy upgrades over the next five years, a study has found, averaging more than $8,300 per home.

But renters and younger Australians could miss out on the trend, with both groups budgeting significantly less for home improvements.

PropTrack and Origin released the findings on Wednesday from a survey of almost 3000 people, which also found up-front costs and knowledge gaps were holding back investment.

The research comes weeks after Australian households passed a milestone, installing more than half a million battery systems, while more than 4.5 million homes and businesses added solar panels.

PropTrack surveyed 2957 people for the Australian Home Energy Report, asking about their plans to improve energy efficiency at home.