A Barclays Bank survey says over half (56%) of UK adults believe energy efficient upgrades are becoming essential because of high utility costs.
And almost two thirds of renters, 63%, say energy efficiency upgrades are becoming essential.
However, many renters say they don’t the ability to make significant upgrades themselves – renters are more likely than homeowners to say they have taken no action in the past year (29% vs 23%).
Among Barclays customers surveyed, predominantly landlords, 51% said they have made enhancements to their properties in the past three years to improve their EPC rating.
However, 38% expect some difficulty complying with proposed Minimum Energy Efficiency Standard changes, and respondents estimate a typical cost of around £9,000 per property to achieve compliance.
A statement from the bank outlines a string of other obstacles to improved energy efficiency across all housing tenures.
To mitigate these barriers, Barclays is calling for the government to focus on four priorities:
- Address misaligned incentives: costs and benefits are felt by different actors in commercial and residential markets. Policymakers should consider how incentives can be better aligned, to ensure energy efficiency investments by landlords or businesses are encouraged through tangible benefits;
- Unlock finance for higher-cost energy efficiency improvements: the government should consider how reforms to the Consumer Credit Act might support responsible lender participation in green consumer finance, in addition to the existing Green Homes Finance Strategic Partnership;
- Provide clear, signposting for pathways, advice and guidance: households and landlords need guidance on appropriate measures, how they relate to relevant standards and regulation, and where to find credible suppliers and installers;
- Provide practical delivery support to underpin regulation: targeted, collaborative support – including workforce skills, installer capacity and specialist expertise – will be critical to delivering progress against ambition.
