The rising cost of living is preventing homeowners from making their residences more energy efficient, according to new data. 

In the next 12 months, 26% of homeowners are less likely to make energy-saving adjustments, such as installing insulation or replacing their heating system.

The initial cost of necessary energy-saving improvements is the greatest barrier for homeowners. 71% of those who did not intend to make home modifications within the next decade cited cost as the primary reason. 

Internal wall insulation for a three-bedroom residence costs approximately £8,200, while double glazing ranges in price from £4,250 to £15,000. Floor and external wall insulation costs can also be quite high, ranging from £8,000 for a small flat to £22,000 for a large detached property.

However, it is crucial to note that energy-saving measures may incur additional costs, such as new flooring or carpeting.

Insulating beneath a suspended wood floor can cost between £300 and £750 per room on average. 70% of homeowners plan to make changes to their property within the next decade, despite the high expenses.

Reducing the consumption of energy

Instead of modifying their homes, inhabitants are reducing their energy consumption. Approximately two-thirds of households now attempt to reduce their energy consumption, up from 59% one year ago. 

Homeowners are reducing the cost of using energy-hungry appliances such as tumble dryers and dishwashers by implementing simple energy-saving measures, such as not overfilling the kettle, turning off radiators, turning off gadgets when not in use, using appliances less frequently, and decreasing light usage.

Ratings for the Energy Performance Certificate (EPC)

For purchasers, the Energy Performance Certificate (EPC) rating, which is the primary indicator of a home’s energy efficiency, is more important than ever. Even though homeowners are less likely to make their properties greener, one in five buyers still requires a minimum EPC grade of C. The EPC rating system classifies properties from A to G, with A representing the most energy-efficient and G representing the least. D is the most prevalent EPC rating for British homes.

According to NatWest, the energy efficiency of a residence is now more important than variables such as proximity to green space and public transportation. This is partially attributable to the UK government‘s goal for all existing homes to attain an EPC rating of grade C or above by 2035, as well as improved energy efficiency resulting in lower utility bills.

Domestic Energy Grants

Although there are programmes available to help householders make their homes more energy-efficient, the majority of homeowners will still be responsible for the majority of the initial investment. The government asserts it will invest £12 billion in Help to Heat programmes such as:

Installers, local governments, utility companies, and other organisations provide the funding. 

For instance, the Boiler Upgrade Scheme incentivises the installation of low-carbon heating equipment, such as heat pumps, by offering a £5,000 discount on an air-source heat pump and a £6,000 discount on the installation of a ground-source heat pump. 

However, more must be done to persuade many consumers to upgrade, as an air-source heat pump installation can cost up to £18,000, and a ground-source heat pump installation can cost between £13,000 and £35,000. 

This programme is only available to residents of England and Wales and has specific eligibility requirements, such as the replacement of fossil fuel-based heating systems and the possession of a legitimate EPC rating with no additional insulation recommendations. 

Conclusion

Despite the fact that homeowners are anxious to adopt energy-saving measures to save money and prevent climate change, the high costs associated with these enhancements remain a barrier. Despite this, the significance of a home’s energy efficiency, as indicated by its Energy Performance Certificate (EPC) rating, is growing for homebuyers. 

The government is investing in programmes to assist householders in making their homes more energy-efficient, but the homeowner will be responsible for the majority of the initial investment. 

When making energy-efficient improvements to their homes, it is essential for homeowners to consider the long-term savings and return on investment.