Around 53% of homeowners do not know what their home’s Energy Performance Certificate (EPC) rating is.
According to research from Atom Bank, three-fifths of those surveyed said they have “low or no understanding of the system”.
Nearly three-quarters said that improving their EPC rating was a worthwhile investment, acknowledging that improving the energy efficiency of their property could save them money and increase the value of their property.
Research suggests that most homes with an EPC D rating have average annual energy bills of £2,471, which is £723 more than an EPC C-rated home.
Atom Bank added that improving energy efficiency could increase property value by an average of 12%.
The research added that just under half of homeowners have undertaken retrofitting of or plan to retrofit their properties.
The realities of retrofitting
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Around 63% said they thought that retrofitting would cost over £25,000.
Atom Bank said many homeowners find it difficult to find clear information about their EPC rating and improvement options, leading it to team up with Kamma to launch its Retrofit Explore tool.
This aims to help homeowners to understand their current EPC rating, along with providing a tailored plan on how a home can be retrofitted.
Edward Twiddy, director of ESG at Atom Bank, said: “Millions of homes could benefit from retrofitting, yet EPC ratings and the associated costs are widely misunderstood by homeowners. Part of the issue is that there is a current lack of information and guidance available on how to make improvements, which promotes inertia.
“As many of us face sub-zero temperatures, January is the perfect time for homeowners to consider how retrofitting can help them keep their homes warm while cutting energy costs.”
He continued: “The launch of our new Retrofit Explorer tool makes it easy for homeowners to put together a tailored plan, and for a relatively small amount of money, they could save themselves hundreds of pounds a year in energy costs.
“Given that retrofitting homes to improve efficiency is a key part of the government’s plan to achieve the UK’s net zero goals, we think tools like this will have an important role to play in helping homeowners on this journey.”
