A new report from Santander reveals that 52% of UK residents now consider improving their home’s energy efficiency a priority, a notable increase from 37% in 2023. However, despite this growing awareness, significant barriers are preventing homeowners from taking action.
Financial and Informational Barriers Persist
The “Tomorrow’s Homes” report highlights a clear demand for energy-efficient homes, but also identifies key obstacles:
- Upfront Costs: 57% of respondents cite high upfront costs as a major deterrent.
- Lack of Government Scheme Awareness: Two-thirds are unfamiliar with government incentives for home improvements.
- Limited Knowledge of Financial Products: 65% are unaware of financial products supporting energy-efficiency upgrades.
- Information Gap: Nearly two-thirds struggle to find reliable information and guidance.
Incentives to Drive Action
To encourage homeowners to invest in energy efficiency, the report suggests several potential incentives:
- Government Subsidies: 64% would be motivated by financial subsidies to reduce upgrade costs.
- Tax Reductions: 61% would find council tax or stamp duty rebates appealing.
- Bank Cashback Rewards: 57% would be encouraged by cashback offers from their banks.
- Accredited Tradesperson Portal: 49% would benefit from an online platform to find trusted installers.
Santander’s Support for Homeowners
Recognising these challenges, Santander has implemented initiatives to support homeowners:
- Partnerships with Octopus Energy, Scottish Power, and Vibrant Energy Matters to connect customers with accredited installers.
- £1,000 cashback through the Home Energy Cashback for those financing installations with partner companies.
- £500 discounts for solar installations with Octopus Energy.
- A national, free advice retrofit coordination service developed with CoreLogic.
- The My Home Manager App, providing access to EPCs and improvement cost estimates.
- The Greener Homes Hub, offering educational resources and tips.
Turning Interest into Action
With the government’s goal of upgrading five million homes by the end of this Parliament, addressing these barriers is crucial. Santander’s Fiona Hyde emphasizes the importance of tackling financial and knowledge gaps to transform homeowner interest into tangible action.
Looking for help with your energy?
Are you looking to improve your home’s energy efficiency but unsure where to start? Find out if you qualify for free help to reduce your bills or improve the energy efficiency of your home through our partners at Energy Advice Helpline. Complete our short eligibility checker today!
