A recent report by Canada Mortgage and Housing Corp. concludes that "comfort and esthetic benefits far outweigh energy concerns" for homeowners, and that "very few homeowners assess the economic benefits of their investments by monitoring energy bills or calculating payback time." However, two new surveys by major banks indicate that more Canadians may be coming around to the idea of paying for energy efficiency.

A survey by RBC says that 60 per cent of Canadians will include "green" options when renovating their homes, and of those, 30 per cent say that improved energy efficiency is among the main reasons for their renovations.

However, the motivation is more financial than altruistic. Only eight per cent of those surveyed would do environmentally friendly renovations if there wasn't a promise that the work would save money in energy bills.

Still, another survey commissioned by TD Canada Trust shows that two-thirds of Canadians are willing to pay more for a home that has "greener" features. That's down slightly from a similar survey conducted last year, but a good number considering the slowing economy.

The TD Canada Trust survey says that saving on future energy bills is the motivation for 40 per cent of Canadians who are willing to pay for greener renovations. Improving the resale value of their home is the prime concern for 32 per cent of those surveyed.

The RBC survey asked which renovations would increase the value of the home the most. Sixty-one per cent said the addition of solar panels would boost value, but the CMHC report says that the high initial cost of installing solar panels is a major barrier. Replacing windows and installing a high-efficiency furnace are the other main choices for homeowners hoping to increase resale value, says the RBC survey.

RBC is a corporate sponsor of the Now House, a demonstration "net zero" home that is designed to produce at least as much energy as it uses. The survey says that 66 per cent of Canadians would consider renovating their home to "net zero" standards. Half of those surveyed said they would consider renovations that would enable their houses to go "off the grid" – becoming self-sufficient and not relying on local public utilities.

The Canada Trust survey found that most people are willing to spend five to 10 per cent more on a home with green features. It also asked about some of the less expensive ways that homeowners are using to improve their home's energy efficiency.

Replacing regular light bulbs with CFL light bulbs is the most popular answer, followed by applying weather-stripping and caulking, and replacing windows. Older homeowners (over 50) are the most likely to undertake environmentally friendly renovations, the survey says.

The survey asked about some controversial issues as well. Ninety-one per cent of those surveyed agreed that environmentally friendly measures should be incorporated into the building code for new buildings, and 82 per cent favoured building code changes for renovations. The building industry supports a voluntary, market-driven approach rather than regulated energy upgrades.

Sixty-eight per cent of those surveyed were not in favour of the government introducing a carbon tax for "non-green" homes, as the Green and Liberal parties proposed during the 2008 election campaign.

Many banks, including RBC and TD Canada Trust, currently offer incentives for homeowners who are either purchasing a green home or renovating a home.

The TD Canada Trust survey asked consumers to give themselves marks on how environmentally friendly they are. Twenty-five per cent gave themselves an A and 60 per cent graded themselves with a B. Only two per cent admitted that they deserved an F and said they did not really care about the environment.

Ninety-four per cent of those surveyed say they recycle, but 51 per cent said they recycled only when it was convenient.

The challenge, then, for government and manufacturers of green building materials: make environmentally friendly renovations as easy and as inexpensive as possible, and they will be embraced by most homeowners.