Atom bank has highlighted a knowledge gap among homeowners when it comes to Energy Performance Certificates (EPCs) and the cost of retrofitting.
The bank revealed that more than half (53%) of homeowners were unaware of their home’s EPC rating, and 62% had low or no understanding of the system.
Despite this, the majority (68%) of homeowners said improving EPC ratings is a worthwhile investment, and recognised the potential to save on energy bills and improve the value of their property.
The majority of homes in the UK are rated EPC D, with annual energy bills averaging £2,471, £723 more per year compared to EPC C rated homes.
To address the challenges and misconceptions around EPC ratings, Atom partnered with data firm Kamma to launch a Retrofit Explorer tool.
The tool helps homeowners to better understand their current EPC rating and offers a tailored plan for how it can be improved through retrofitting or other means.
Once the plan has been generated, the tool then suggests local tradesmen who can carry out the work and generates personalised retrofitting recommendations based on individual property needs.
It also provides estimates of energy savings achievable through recommended upgrades so homeowners can weigh up the benefit of the upgrades.
Edward Twiddy, director of ESG at Atom bank, said: “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.
“The launch of our new Retrofit Explorer tool makes it easy for homeowners to put together a tailored plan and for a relatively small amount of money they could save themselves hundreds of pounds a year in energy costs.
“Given that retrofitting homes to improve efficiency is a key part of the Government’s plan to achieve the UK’s net-zero goals, we think tools like this will have an important role to play in helping homeowners on this journey.”
