The overall cost, and return on investment, is putting home owners off making energy efficiency improvements to their homes according to research from the Building Societies Association (BSA).
Although around a quarter (23%) of the UK’s total overall carbon emissions come from homes, half of respondents to a survey of 2,000 adults by the BSA said up front costs (51%) and the length of time it takes to see any benefit of that investment (51%) are the biggest barriers to measures that could improve energy efficiency.
The research also identified a sizeable gap between intent and delivery, with 17% of respondents reported to have considered installing solar panels, but just 6% have actually done that in the last 12 months. 9% have considered installing renewable energy sources, such as heat pumps, but only 5% have done that, despite an acknowledgment that some measures including upgrading the heating system would add value to the property. A similar number of respondents said replacing windows and doors had the potential to add value to a property.
Although less than one in five (18%) house holders have replaced their windows and doors and just 14% have upgraded their central heating system in the last 12 months, 53% of respondents indicated they had made some energy efficiency improvements in the last 12 months. Typically these were lower cost measures including replacing lighting with low energy options (32%), changed windows or doors (18%), and/or improved insulation in the loft or windows (17%)
When it comes to other reasons why households don’t invest in energy efficiency improvements, around a third (35%) said that clearer information and reassurance about the quality of the work (31%) were other contributing factors. 37% said they didn’t know how much money the energy efficiency improvements will save them.
There was plenty of evidence to suggest incentivising improvements might have an impact with over half suggesting a cheaper energy tariff (57%) would motivate them to make changes. 53% said a lower council tax rate, 38% suggested adding value to the property would incentivise them, and 32% said cheaper mortgage rates.
Commenting on the findings, Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association said:
“There is clearly a great deal more to do if the energy efficiency of the 29 million homes in the UK are to be improved sufficiently to meet the UK’s net-zero by 2050 commitment.
“With the recent hike in energy costs, it’s no surprise that our research shows homeowners have an appetite to make changes. However, action is hindered by insufficient information, people, processes, skills and infrastructure to decarbonise homes at the level required.“We urgently need a Government-led strategy, including details of any incentives, that will give businesses the confidence to invest in building the industry that will be required to support the decarbonisation transition, and which will provide homeowners with access to information that will enable them to plan the best approach for their property with the knowledge and confidence in what it will deliver.”
