According to a recent survey, the percentage of people who think that an Energy Performance Certificate (EPC) rating is a very significant criterion to consider has decreased to 39% from 41% earlier.
According to Natwest’s Greener Homes Attitude Tracker, this is an increase from 36% during the same time previous year.
The majority of respondents (23%) who said that an EPC grade of C or higher was necessary were in the 35 to 44 age group, while just 13% of respondents in the 18 to 24 age group agreed.
In the next ten years, about 63% of homeowners who responded to a survey said they intended to make sustainable house modifications, down from 66% in the final quarter of 2022.
Plans for the following one to five years decreased from 33% to 31%, and those for the following six to ten years decreased from 19% to 17%.
The percentage of people who said they would make changes in the upcoming year decreased significantly from 22% in Q4 2022 to 21% in Q1 2023.
Among the features most likely to be installed in the upcoming ten years, electric car charging stations came in first (37%), followed by solar panels and triple glazing (34%).
The likelihood of installing a smart metre in the upcoming year was 10%.
The largest obstacle to long-term home upgrades is the cost of the work.
The biggest obstacle to environmentally friendly house upgrades, cited by 71% of homeowners who did not intend such work, was the expense of the projects. On par with the prior quarter, this.
About 28% of those who weren’t planning sustainable home improvements mentioned the disruption brought on by the work.
According to the report, the Energy Price Guarantee’s extension until June is crucial because about half of respondents indicated they were either very uncertain or not at all certain they would be able to afford increasing gas or electricity prices.
Natwest, however, asserted that there was a knowledge gap about the operation of the guarantee. Only 13% of respondents correctly identified the changes that were scheduled to take effect in April before they were extended, and only 12% thought the guarantee would have meant a cap on bills of £3,000 per year regardless of energy use.
“Our data has shown that homeowners continue to be affected by increased costs, in particular gas and electricity bills – an ongoing worry over the last year,” said Lloyd Cochrane, head of mortgages at NatWest.
“The UK Government’s Energy Price Guarantee has been extended through June at a crucial time, with half of households saying they are unsure they can afford to pay higher energy bills.”
We also know that homeowners are eager to adopt adjustments that will help them save money and fight climate change, but these improvements’ prices continue to be a barrier for homes.
These findings have been a part of our efforts to suggest legislation that can help customers improve the energy efficiency of their homes across industries, via public-private partnerships, and through engagement with the government.
We must help clients financially so they are not discouraged from increasing demand for goods and services that are energy efficient.