Good news! You can save an additional £270.00/year on your energy bills! Unfortunately, the bad news is that you have to stay in the same house for 20 years before you will start to see these savings. This is the inherent flaw in the household renewable market under the current system.
A net saving to the UK Economy of £7.5 Billion – With a catch
According to the UK Energy Research Centre the average UK household could save up to £270.00 a year through the implementation of greener construction policies and insulation – that’s a net saving to the UK Economy of £7.5 Billion.
Additional benefits to more energy efficient homes would be greater health and wellbeing, which would have a further positive knock on affect in the economy – in fact, the full economic benefits of reducing energy demand by a quarter across the UK could be up to £47 Billion. This includes projected economic benefits of improved health, reduced demand on the electricity network and the economic boost to the construction and insulation industry.
Jim Watson, Director of the UKERC, said:
“This research proves that there is still huge potential to save energy from UK homes. It is clear that reducing energy demand needs to be a priority if the Government is serious about bringing down energy bills. It should be the centrepiece of the Clean Growth Plan, which is now overdue.”
Additional Long-term benefits to the UK population and economy
Minimising energy use and increased focus on clean generation policies would also result in cleaner air for future generations. The positive impact on climate change could also have untold financial and personal benefits for both households and businesses
Whilst UK homeowners have been relatively good at picking up on ‘quick wins,’ such as switching to low-energy light bulbs and more efficient boilers, we are also beginning to see more investment from Governmental bodies. Reading County Council invested £9.8 Million on upgrading all of the old lantern lights in the town’s street lighting to new energy efficient LED bulbs.
So actions are being taken, but the biggest challenge facing the UK’s energy efficiency goal is the lack of insulation in many UK homes. With the Government unwilling or unable to better incentivise landlords to insulate their properties, there is in reality not a lot of motivation for UK homeowners to invest the money to upgrade. As with the current policies in place it takes around 20 years to see a return on investment through correctly insulating a home, although of course there are immediate benefits to the residents of the property
How many times in your life have you owned a house for 20 years?
Richard Twinn, a policy adviser at the UK Green Building Council, said off the back of a report by the Lenders Group: “…research shows that if lenders use information about a property’s energy performance when making lending decisions, this could encourage homebuyers to choose more efficient homes by increasing the size of mortgage available for these properties.”
The report called for the energy efficiency of a household to be considered as a factor when Lenders were calculating mortgages to first time buyers. With first time buyers struggling to get on the property ladder full stop it’s not surprising that most new buyers are simply not concerned with the energy efficiency of a property, compared to the concern of being able to afford a property in the first place.
With no incentive to improve the efficiency and insulation in UK homes and with first time buyers unable to afford to factor this in, the UK is caught in an inefficiency cycle which only Government spending can break.
Currently 4.5 Million households in the UK are in fuel poverty
To many, the problem of energy inefficiency in UK homes is more than just an inconvenience. Fuel Poverty is a term used to describe households who are unable to keep their homes adequately heated in winter, resulting in suffering, illness and often death.
Currently some 4.5 Million households in the UK are suffering from fuel poverty and almost 9000 people died in 2016 from living in a cold home. With single parents being hit hardest, it is vital that more is done to provide proper insulation and heating across the UK.
IT’S TIME TO MAKE A DIFFERENCE.
At MAXIMeyes we believe in finding solutions to energy problems, and currently Fuel Poverty and Energy Efficiency are two of the biggest problems which we are facing. We also believe that business value and social impact can go hand in hand and we are passionate and committed to using our business as a force for good.
With that in mind, this year we launched the Fuel The Change initiative to help raise low-income families out of Fuel Poverty. Our aim is to help 1,000 homes out of fuel poverty by 2020 and we need your help to make this happen.
Speak to a member of the team today to find out how you can help us achieve our goal, whilst also saving time and money on your business energy requirements
Kieron Blundell, MAXIMeyes