63 boydens.co.uk Sustainability With energy prices soaring for millions of households in the UK, homeowners are searching for solutions to ease the increased cost. The rise was caused, predominantly, by multiple energy suppliers going out of business amid a global energy crisis. Price caps were set to rise by 48% on April 1st – this follows a £139 annual rise which was introduced last October. The increase in energy costs has caused considerable stress for numerous households throughout the UK, but for some, the solution could be turning green. In the UK, homes are responsible for a fifth of UK carbon dioxide emissions, prompting the Government to pledge that by 2035 every residential property should have an EPC rating of C or above as part of its long-term plan to tackle climate change. By carrying out green renovations such as loft insulation, solid wall insulation, ground source heat pumps and double glazing, homeowners will make an estimated £890 savings every year. However, the cost of installing these features is a substantial obstacle for homeowners with costs in the thousands. According to the English Housing Survey, the total cost of upgrading a D-rated home is estimated to be nearly £6,500. The easy option for upgrading your home to become more energy efficient would be to buy a newbuild property, with government figures showing 84% of newly completed properties being given an A or B rating. It is estimated, however, that 30% of homes in England and Wales are still rated E, F or G. A new landmark study from Cornerstone Tax has found that while making homes more energy efficient is a priority for homeowners – with 36% saying it is a priority for them in 2022, many are finding the price of doing so a major obstacle. As many as 45% have looked into making their home more energy efficient but found it too expensive without government support. The research found that 12% are planning to move house to live a greener life, while 45% would prefer to refurbish or extend a current home. “With the energy crisis in full flow, I believe that households throughout the UK will be seriously considering making their property more energy efficient to combat these costs,” says David Hannah, Principal Consultant at Cornerstone Tax. “By making your home energy efficient, homeowners will save money in the long run and contribute to the UK's sustainability targets also. “However, the initial costs of making green renovations to your home is still a big obstacle for homeowners to overcome. Perhaps in the future the government can provide much needed support to homeowners who are looking to refurbish their home to make it more eco-friendly. There’s evidently huge demand for greener homes. The benefits of making your home more energy efficient can be substantial. You will feel a sense of pride in helping towards sustainability goals and it will cut costs in the long run.” ctatax.uk.com As homeowners turn to eco renovations to help combat the energy crisis, property tax specialist Cornerstone Tax looks at the challenges ahead. GOING GREEN
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