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Two-thirds of homeowners want to boost property’s energy efficiency
The energy crisis has prompted many to improve the energy efficiency of their homes to cut their bills
Two-thirds of homeowners surveyed said they want to improve the energy-efficiency of their home, according to Butterfield Mortgages.
The mortgage provider said that climate concerns, energy bills and house prices are all prompting homeowners to consider investment in their homes to boost their Energy Performance Certificate rating.
Its survey found that 54% of respondents said that environmental concerns are encouraging them to make changes, while 46% say the current energy crisis has accelerated their plans – this figure rose to almost two-thirds (65%) among 18- to 34-year-olds.
Over a third (36%) said they want to improve the EPC rating of their property to increase its resale value.
Challenges to overcome
The research also uncovered some challenges, said Butterfield Mortgages.
Just 40% of homeowners know their property’s current EPC rating while a quarter (25%) said planning restrictions are preventing them from making identified energy efficient improvements.
The vast majority (78%) said they want more government support to help homeowners make their homes greener.
Almost a fifth (17%) of homeowners are considering remortgaging to fund energy-efficient upgrades.
Alpa Bhakta, CEO of Butterfield Mortgages, said: “Homeowners are increasingly looking for ways to improve the energy efficiency of their properties, whether to reduce costs, improve future sale values, or contribute to a greener future. We can expect millions of owners to invest in home improvements in the months and years to come – and some may be looking to refinance their property to do so.
“Our research also uncovered a significant knowledge gap among homeowners that needs addressing. Less than half are aware of what the EPC rating of their property is.”
Most popular improvements
The most common upgrades already made by homeowners, according to the survey, were:
- Installing LED lightbulbs (66%)
- Investing in double or triple glazing (57%)
- Adding loft or wall insulation (55%)
- Using a smart meter (46%).
Looking ahead, 41% plan to install energy-efficient kitchen compliances, 40% intend to invest in professional draught proofing and 35% plan to replace boilers with a carbon neutral heat pump.
