Half of adults believe energy efficiency upgrades are essential due to high utility bills – Barclays
The lender's 'Closing the Energy Efficiency Gap' policy snapshot found 75% of adults had taken action to improve their home's energy efficiency over the past year.
More than half (56%) of adults believe energy efficiency upgrades are becoming essential due to high utility costs, according to research from Barclays.
The lender’s ‘Closing the Energy Efficiency Gap’ policy snapshot found 75% of adults had taken action to improve their home’s energy efficiency over the past year.
However, activity was largely focused on smaller measures, with 47% turning off unused lights or appliances and 41% reducing their heating use.
Just 11% of homeowners had installed, or planned to install, rooftop solar panels within the next 12 months, falling to 8% for heat pumps.
Among renters, 63% said energy efficiency improvements were becoming essential, although 29% had taken no action over the past year, compared with 23% of homeowners.
Barclays also surveyed its Real Estate customers, predominantly landlords, finding 51% had made improvements to properties over the past three years to improve their Energy Performance Certificate (EPC) rating.
Some 38% expected difficulties complying with proposed Minimum Energy Efficiency Standard changes, with respondents estimating an average cost of around £9,000 per property to achieve compliance.
Challenges were also identified among housebuilders, with 98% saying meeting the Future Homes Standard was a priority over the next 12 months but 82% expecting it to be difficult.
Barclays called on the Government to consider how landlords and businesses could be better encouraged to invest in energy efficiency measures, as well as ways to improve access to finance for more costly upgrades.
It also called for clearer guidance for households and landlords, alongside support to address skills shortages and increase the number of specialist installers.
Jatin Patel, head of mortgages, savings and insurance at Barclays, said: “People can see the value of warmer, more energy efficient home. However, our research shows that willingness alone will not deliver the scale of change required.
“Larger improvements can involve significant cost, disruption and difficult decisions, while renters may have little control over the fabric of their homes.
“Clear advice, access to trusted installers and appropriate finance must work alongside stable policy if households, landlords and housebuilders are to move forward with confidence.”
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