The government’s plan to put Energy Performance Certificates at the heart of its bid to reach Net Zero has hit a stumbling block.
For while ministers want to see as properties hit band C on the EPC scale by 2035, many consumers do not actually understand what an EPC rating is, not how they would improve one.
Research from Mortgage Advice Bureau has shown that only a quarter of consumers know what the EPC rating on their property is.
MAB found that millennials aged 24 to 28 are the most knowledgeable about EPCs, with 38 per cent knowing what their property’s rating is.
The older age groups were the least likely to know, with 24 per cent and 16 per cent respectively confirming that they knew which band their property falls into.
From a financial perspective, research from Nationwide found that the average cost of energy efficiency improvements for a single home is around £8,100, rising rapidly to £25,800 for homes with an existing F or G.
Mortgage Advice Bureau also sought to find what would influence consumers to change lifestyle to combat climate change.
Some 24 per cent of respondents claim that government initiatives would influence them, and a further 22 per cent said that legislation would cause them to make energy efficient changes.
Brian Murphy, head of lending at Mortgage Advice Bureau, comments: “The importance of consumers knowing their EPC rating is paramount to them not being hit by higher costs or charges down the line.
“However, the government has a vital role to play in improving consumer engagement and awareness on EPC ratings and their plans to decarbonise homes. For many, retrofitting homes will be too strong a financial burden and thus out of reach.
“It is therefore up to the government and the industry to work together to incentivise people to improve their homes, rather than reward those who already live in energy efficient properties.”