70% of UK Homeowners Want Their Homes to be More Energy-Efficient: Barclays Report
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- Five Strategic Recommendations: Barclays’ report outlines a roadmap for the UK Government to decarbonize homes, emphasizing collaboration, tax incentives, data reforms, safety standards, and public education.
- Retrofitting Challenges: 70% of homeowners want energy-efficient homes, but 35% feel unsure about the right options, highlighting barriers to retrofitting.
- Government Role: Two-thirds of surveyed homeowners believe the Government must lead efforts in funding and implementing energy-efficient upgrades.
Barclays Calls for Bold Action
Barclays has urged the UK Government to take decisive steps to decarbonize homes and meet the ambitious 2035 emissions reduction target of 81% below 1990 levels. The call stems from a new report by Barclays Property Insights, which details five critical recommendations for achieving this goal while overcoming barriers to retrofitting.
“Homes account for 15% of the UK’s carbon emissions,” the report highlights, underlining the urgency for the Government’s Warm Homes Plan to address energy efficiency in five million homes with EPC ratings below C by the next parliament.
Five Recommendations for Decarbonization
1. Clear Roadmap: A time-bound plan with investment milestones and tax incentives, such as Stamp Duty reform, is essential to accelerate heat-pump adoption and retrofitting initiatives.
2. Collaboration: Barclays recommends establishing a Retrofitting Delivery Authority to align public and private sector efforts for systematic action.
3. Data Reform: Improved Energy Performance Certificate (EPC) methodology and smart meter data integration are necessary to inform energy efficiency decisions.
4. Safety Standards: Consistent consumer protection standards are vital to reduce risks in energy efficiency installations and boost public confidence.
5. Education: A nationwide public engagement campaign is needed to promote the benefits of energy-efficient homes and address homeowner hesitation.
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Public Sentiment and Government Role
Barclays’ research reveals significant public interest in energy efficiency:
- 70% of homeowners want their homes to be more energy-efficient.
- 35% are deterred due to confusion about available options.
- 69% expect Government grants as a primary funding mechanism, following personal savings.
Mark Arnold, Head of Mortgages and Savings at Barclays, stated:
“The UK is no stranger to taking bold policy and infrastructure decisions to drive a successful energy transition… It’s ambition and drive on this scale that we’re calling on the Government to employ to electrify the UK’s homes.”
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