Santander has called on the Government to do more to help homeowners and renters upgrade the energy efficiency of their properties and reduce their energy bills.
In its new report, entitled “Tomorrow’s Homes”, the bank has called for better education, new financial incentives and access to the right skills to support households across the country.
The report, which surveyed 4,000 homeowners and renters, found that almost half (48%) believed that improving their home’s energy efficiency would have a significant effect on their lives, but this awareness is not translating into action.
Homeowners said that they were not being properly equipped to take on the burden of retrofitting, with nearly two thirds (64%) saying they don’t know their current Energy Performance Certificate (EPC) rating.
In addition, six in 10 respondents said that even with access to further education, the cost of retrofitting their home would still prevent them from making changes.
Santander’s research showed the cost of a relatively modest program of retrofitting an average home would swallow up more than half the average savings of households in the UK – a price many homeowners are unwilling and unable to pay.
Large scale measures, such as installing a heat pump or solar panels, were deemed unaffordable by nearly three quarters (73%) of those surveyed.
Similarly, more modest or stand-alone upgrades were deemed out of reach, with 61% saying they are unlikely to or will definitely not upgrade glazing, loft or wall insulation in their home in the next two years.
Fiona Hyde, head of sustainability at Santander, said: “It’s clear that homeowners and renters need Government support to be better informed about the options available to them; to have access to affordable, skilled tradespeople; and crucially to be able to benefit from all available financial incentives, if we are to help them keep their homes warm and their energy bills low.
“But beyond that, the houses and flats we know today will, in the majority of cases, be the same houses and flats that we are living in for generations to come. Failing to retrofit them is simply not an option if we are to truly tackle the climate crisis and achieve the country’s carbon emission targets.”
These calls have been made with the support of Rt Hon Phillip Dunne, MP and chair of the Environmental Audit Committee.
He added: “I was pleased to have been invited to join the panel for the launch of Santander’s Tomorrow’s Homes report in the Commons.
“I have taken a considerable interest in how best to improve the energy efficiency of the nation’s homes.
“This report makes some interesting recommendations about raising awareness among homeowners, landlords and tenants of the benefits of reducing energy costs through retrofit.
“The Government has introduced some incentives, such as VAT reductions on energy efficiency installations and the Home Upgrade Scheme for grants to help support heat pumps uptake.
“But there is scope to do more, to help households on the journey to decarbonising homes to lower energy costs and cut emissions.”
