Almost two in five UK owners - landlords and homeowners - now consider improving the energy efficiency of their property an important priority, following energy costs rising earlier this year.
Despite this 40 per cent of owners admit they have ‘no idea’ how energy efficient their property is, making it difficult to know where to make improvements.
The figures come from the Halifax which says the UK is home to some of the oldest and worst insulated houses in Europe.
With energy bills still significantly higher than pre-pandemic, appetite to make ‘green’ home improvements remains strong, the lender says.
Installing solar panels is the first choice for a third of people looking to make greener home choices, followed by double or triple glazing (30 per cent) and upgrading radiators (27 per cent).
The average household annual energy bill in the UK is £2,074 and according to the Energy Saving Trust, by transitioning to solar power, homeowners could save up to a quarter on their yearly bills - a saving of £525 per year. This figure could increase even further when factoring in a home battery or by switching to a higher paying tariff under the Smart Export Guarantee, when selling excess energy back to the National Grid.
Almost half of people say cost is the biggest barrier to making energy efficiency improvements. Further, almost a quarter state that a key barrier stopping them from borrowing money to make their property more energy efficient is that they aren’t convinced the investment would be reflected in the resale value of their property.
However, according to Rightmove’s 2023 Greener Homes Report, a more sustainable home could offer financial benefits. Improving a property’s EPC rating from an F to a C could see an average of over £55,000 added to the value of a home.
Another challenge is finding suitable tradespeople, with only one in five landlords and owner occupiers able to find tradespeople with the right skills.
Andrew Asaam, homes director of Lloyds Banking Group, says: “To save money on energy bills, homeowners first need to understand how energy efficient their property is. Every property has an EPC report, which is a great place to start to review the changes people may be able to make to live in a greener, home.”