Upgrading all homes in the UK to Energy Performance Certificate (EPC) band C could bring a saving of £9.5 billion every year in energy costs.
New research by the professional services network PwC estimates if that energy efficiency transformation took place, it would achieve 16% of carbon dioxide reductions, an estimated 52 million tonnes a year.
Households can expect to save approximately one-quarter of their energy bills every year, or £178, by upgrading to their potential EPC rating, the analysis suggests.
However, a survey of 1,000 adults shows 35% of households are concerned with the costs of such upgrades.
More than a quarter brand these measures ‘too expensive’.
Although 46% of them have plans to make energy efficiency improvements to their homes, nearly a third do not intend to make any upgrades.
Jonathan Gilham, Chief Economist at PwC UK, said: “With more than half of UK households currently at EPC band D or lower, the Clean Growth Strategy can make a significant contribution to achieving net zero targets whilst reducing the cost of living for households.
“Yet while the willingness is there from the public, there are clear barriers in terms of costs and awareness. There is a real risk where policies aimed at protecting the environment are seen to disproportionately benefit wealthier homeowners, whilst leaving renters and those without the means to pay out in the cold.”
