The Government’s upcoming Warm Homes Plan should be welcomed by households in 2025, as more than half (52%) of residents now view improving the energy efficiency of their home as a priority, research from Santander UK has found.
However, despite the increase in enthusiasm, Santander’s latest Tomorrow’s Homes report identified specific barriers that are preventing consumers from taking action.
Over half (57%) of people cited the upfront costs of making home energy improvements as a barrier to taking action.
More than two thirds (69%) also said they know little to nothing of the Government schemes to incentivise home energy improvements, while a similar number (65%) said they know little to nothing about the financial products available to finance energy efficiency improvements.
Away from finance, 63% of homeowners stated that they know little or nothing about where to source trusted information or guidance on home energy improvements.
Fiona Hyde, head of sustainability at Santander, said: “It’s really encouraging to see how many more UK residents are considering the benefits of energy-efficient homes.
“With the Government target to upgrade 5 million homes by the end of this Parliament, the Warm Homes Plan presents a prime opportunity to address homeowners’ concerns and incentivise action.
“Finding new ways to tackle both the financial barriers and the lack of knowledge around home energy efficiency improvements, will hopefully mark the turning point for us seeing homebuyer appetite result in action.”
