Industry leaders, including E.ON UK, Kingfisher, Santander, Knauf Insulation and Lloyds Banking Group have today called for an urgent nationwide effort to decarbonise homes.
They propose a “Rebate to Renovate” scheme, calling on the government to provide a stamp duty rebate to property buyers who improve their Energy Performance Certificate (EPC) rating within two years.
This initiative aims to incentivise homeowners while addressing the issue of inefficient housing stock.
Britain’s housing stock, according to the Building Research Establishment (BRE), lags behind most European countries in terms of age and insulation quality, contributing significantly to the UK’s carbon dioxide emissions.
Research from the University of Warwick suggests that upgrading leaky homes to higher standards could save over £10 billion annually on energy bills across England and Wales, equivalent to £390 per household.
In an open letter to both the Chancellor and Shadow Chancellor, the group argues for the necessity of incentivising homeowners to make energy efficient improvements, such as double glazing and heat pump installations.
They emphasise that a carrot-and-stick approach is essential to address the UK’s inefficient and carbon-intensive housing situation.
Chris Norbury, Chief Executive Officer of E.ON UK, said: “Incentivising people to better insulate their homes inspires the kind of improvements we need to decarbonise our ageing housing stock and work towards our net zero goals.”
Andrew Asaam, Homes Director, Lloyds Banking Group, said: “As the UK’s largest mortgage lender, financing one in five mortgages, we have long understood the critical importance of taking collective action to address the nation’s sustainable housing problem, as our homes are amongst the least energy efficient in Europe.”
Energy Live News has contacted the Treasury for comment.