People living in energy inefficient homes could pay an extra £299 on bills this year
PEOPLE living in energy-inefficient homes could pay an extra £299 on bills this year – a collective £3.8 billion across the country.
Economics consultancy Cebr, working with B&Q and Screwfix owner Kingfisher, studied the energy performance of properties with an EPC rating below C.
Older generations are hardest hit, with 60% of over 65s living in inefficient homes – amounting to an extra £256 in annualised energy bills compared to under 30s at current prices.
The study also revealed over 65s are spending the highest proportion of their money on energy bills of any group.
Meanwhile, a survey of 3,000 adults found younger generations are the most likely to be aware of their home’s efficiency and planning energy efficiency improvements.
And 83% of 18 to 34-year-olds are looking to invest in efficiency upgrades in the next five years.
Thierry Garnier, Kingfisher CEO, said: “Too many UK households are still paying higher bills due to energy-inefficient homes, especially those who can least afford it.
“Yet the vast majority of people aren’t aware of their home’s inefficiency, or the extra bills they’re incurring.
“While our research highlights how upfront costs can be a barrier to action, there are plenty of low-cost DIY improvements that can lead to significant savings, and it’s promising to see younger generations eager to make upgrades.”
Among the most popular planned measures for young adults are lower cost improvement measures including smart electricity or gas meters (61%), smart thermostats (58%) and temperature control valves on radiators (53%).
However, younger generations are much less willing to compromise their lifestyle or change behaviours to save energy.
More than half (52%) of 18–34-year-olds would rather pay more on energy bills to live comfortably, while nearly half (45%) turn on the heating ‘whenever they fancy’, according to the OnePoll.com figures.
The biggest barrier to improving energy efficiency for all adults polled is upfront costs, with 40% saying they are too high and 20% concerned that the payback period is too long.
There are high levels of concern across all age groups about energy bills this winter as 71% of Brits say they are worried, and 77% have become more conscious of saving energy as a result.
Thierry Garnier added: “The Government’s goal to boost efficiency in five million homes by 2030 is a strong start.
“While there is no silver bullet, we believe three key policies would accelerate this effort.
“First, a focused initiative by winter 2025 to insulate the over five million uninsulated lofts across the UK.
“Longer term, we must empower and incentivise consumers with improved grants for low-income households and easy, consumer-focused solutions for those who are more able to pay.
“Finally, robust support for trade careers is critical to building a skilled workforce capable of delivering technical upgrades at scale.”
4 ways to keep your energy bills low
Laura Court-Jones, Small Business Editor at Bionic shared her tips.
1. Turn your heating down by one degree
You probably won’t even notice this tiny temperature difference, but what you will notice is a saving on your energy bills as a result. Just taking your thermostat down a notch is a quick way to start saving fast. This one small action only takes seconds to carry out and could potentially slash your heating bills by £171.70.
2. Switch appliances and lights off
It sounds simple, but fully turning off appliances and lights that are not in use can reduce your energy bills, especially in winter. Turning off lights and appliances when they are not in use, can save you up to £20 a year on your energy bills
3. Install a smart meter
Smart meters are a great way to keep control over your energy use, largely because they allow you to see where and when your gas and electricity is being used.
4. Consider switching energy supplier
No matter how happy you are with your current energy supplier, they may not be providing you with the best deals, especially if you’ve let a fixed-rate contract expire without arranging a new one. If you haven’t browsed any alternative tariffs lately, then you may not be aware that there are better options out there.