A bank claims there’s a significant ‘knowledge gap’ among UK homeowners when it comes to Energy Performance Certificates and the cost of retrofitting.
The data reveals that over half (53%) of homeowners are unaware of their home’s EPC rating, and three fifths (62%) admitted to having a low or no understanding of the system. Despite this, the majority (68%) of homeowners still think improving EPC ratings is a worthwhile investment, recognising the potential to save on energy bills and improve the value of their property.
The research has been conducted by Atom Bank.
Retrofitting – the process of updating a building with new features or technology to improve its energy efficiency and sustainability – can boost property values by an average of 12% claims Atom. This means homeowners benefit not only from lower energy bills, but also long-term increases in property value.
However, despite the potential cost savings, the research found that less than half (44%) of homeowners have undertaken or plan to undertake retrofitting, citing the upfront cost as a major barrier. This is no surprise, given the majority of homeowners (63%) believe that making improvements to their home through retrofitting would cost over £25,000.
The government has already recognised this issue as it considers plans to subsidise the cost of fitting solar panels and batteries for millions of homeowners, as part of its ‘Warm Homes Plan’.
While 29m British homes reportedly need retrofitting by 2050, homeowners struggle to find clear information about their EPC rating and improvement options. The bank suggests that this lack of accessible information often leads to an assumption of high costs, hindering retrofitting efforts.
A spokesperson for Atom bank – which has partnered with data firm Kamma to launch a retrofit tool – says: “Millions of homes could benefit from retrofitting, yet EPC ratings and the associated costs are widely misunderstood by homeowners. Part of the issue is that there is a current lack of information and guidance available on how to make improvements, which promotes inertia. As many of us face sub-zero temperatures, January is the perfect time for homeowners to consider how retrofitting can help them keep their homes warm while cutting energy costs.”
