The big energy companies are at it again. Increasing their gas and electricity prices in unison to give customers nowhere to turn to avoid the hikes. But did you know your home could be so inefficient that you’re wasting hundreds of pounds ever year?
How can you address this? By upgrading the insulation and efficiency of your property. And by doing so with the help of the Government’s Green Deal, you can add 38% to your home’s value. Not bad.
A Government report highlights that an average home could increase 14% in value, with the North East and North West the best areas.
So what do you need to know? Well the Energy Performance Certificate (EPC) is what’s important. The scale ranges from A-G classifying how efficient a property is, with A being the most efficient and G the least. And the Government research shows that upgrading from a G to E would add as much as £16,000 to the average home.
The Green Deal is designed to do exactly this, and helps homeowners get the improvements they need such as a replacement boiler, double glazing, wall cavity insulation and loft lagging, with no upfront payments. Instead a loan is issued to cover the installation, paid back with the money saved on bills.
Over 300,000 properties were included in the Government’s research and speaking about the results, Energy Minister Greg Barker said: “We have long known the benefits of making energy saving improvements to the home, but this study is real evidence of the huge potential rewards.
“Not only can energy efficient improvements help protect you against rising energy prices, but they can also add real value to your property. This Coalition is committed to helping hardworking families with the cost of living.”
Without the much needed improvements, you could be losing over £300 each year on expensive bills and upgrades would immediately help you to make a significant saving. With 46% of UK homes in the band D, the chances are you could make some necessary improvements.
As well as adding value to your home, estate agent James Brooks believes energy efficiency is becoming a major factor in the saleability of homes in the country.
He said: “With fuel bills continuing to rise, buyers are becoming more and more conscious about the energy efficiency of their prospective new homes and are willing to invest more in a property now if they know it will cost them less to run in the future.
“As such, we always try to advise our customers to consider the real S.A.L.E. value – Size, Aesthetics, Location and Efficiency – when buying or selling.”
The table below shows the value you could add to your home by improving the EPC rating of your property:
Facts & Figures You’ll Love To Share
- As many as 26,000,000 homes in the UK could be eligible to receive Green Deal funding.
- Green Deal loans are paid back over a 10-25 year period with the payments taken from energy bill savings.
- Using the Government’s Green Deal you can upgrade your boiler, improve insulation and replace windows for no upfront fee.
- The Green Deal’s Golden Rule states that homeowners won’t pay back more than the savings they make on energy bills with improved efficiency.