Only 12% had spoken with an adviser about their EPC
Almost two in three, or 64%, of people still do not know their home’s energy performance certificate (EPC) rating, according to mortgage network Mortgage Advice Bureau (MAB).
Among those who were aware of their EPC rating, 27% said this was because they were interested in making changes to improve it, while a third said they were inclined to make changes as they had seen the effect raising the EPC had on their friends or families’ bills.
MAB, however, noted that there remains a lack of knowledge about EPC ratings or how they can get information on it, with two-thirds of homeowners having no idea of the government’s target for properties to have a minimum EPC rating of ‘C’ by 2035, or the shorter deadline of 2025 for private rental accommodation.
It was also found that just over one in 10, or 12%, of survey respondents had spoken with an adviser about their EPC.
Ben Thompson (pictured), deputy chief executive at Mortgage Advice Bureau, said more needs to be done to combat this lack of knowledge about energy efficiency requirements – especially by advisers, who can open the conversation and make it a more thought-about aspect of homeownership.
“During this energy-saving week, it would be great if advisers could take the initiative and discuss EPC ratings with their clients,” he added. “The government’s deadline of 2025 for private rental accommodation to be a minimum of grade ‘C’ is fast approaching, and landlords will need to act soon with regard to retrofitting older properties.
“However, there remains a lack of knowledge about this deadline or the benefits – aside from reduced energy bills – that come with higher EPC ratings.”
Separate MAB research showed that over half of lenders said they were offering green mortgage products, while 98% of those asked said they will offer them in the future if they don’t already.
Thompson said that this highlights the disconnect with public knowledge surrounding green mortgages, stressing the need for advisers to talk about why knowing and upgrading EPC ratings should be on the agenda for people in 2023.
He also pointed out that for others who are not in the buy-to-let market, upgraded EPC ratings can also mean more than just reduced energy bills.
“When people think about upgrading their EPC rating, many will think of the impact it will have on their energy bill and the climate,” Thompson said. “However, it can also make you eligible for green mortgage deals that often come with incentives such as lower interest rates. Retrofitting and upgrading your property’s EPC can also increase the value of your home, as homeowners strive to be more energy efficient.”
Why do you think there remains a lack of public knowledge about EPC ratings? Let us know your thoughts by leaving a comment in the discussion box at the bottom of the page.
