In its latest report, Closing the Energy Efficiency Gap, Barclays data showed that 75% of UK adults had taken action to improve energy efficiency in the past 12 months.
But the most common measures taken by consumers were relatively small changes, such as turning off unused lights and appliances (47%) and reducing heating use (41%).
Larger upgrades remain harder to unlock; just 11% of homeowners have either installed or plan to install rooftop solar panels in the next 12 months. This dropped to 8% for heat pumps.
Jatin Patel, head of mortgages, savings and insurance at Barclays, said: “People can see the value of warmer, more energy-efficient homes. However, our research shows that willingness alone will not deliver the scale of change required.”
Government must address barriers to larger upgrades
Barclays said policymakers should prioritise four key areas to support the transition to more energy-efficient properties if the government wishes to realise its target for warmer homes by 2030.
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The lender said the government should address what it described as misaligned incentives in the residential and commercial property sectors, where the costs and benefits of energy-efficiency improvements are often shared by different parties.
It added that households and landlords would benefit from clearer guidance on energy-efficiency measures, regulations and standards, as well as better access to trusted suppliers and installers.
Barclays also called for wider access to finance for higher-cost improvements, including potential reforms to the Consumer Credit Act to encourage greater lender participation in green finance initiatives.
Renters and landlords face additional challenges
The report found renters were less likely than homeowners to make energy-efficiency improvements, despite growing recognition of their importance.
While 63% of renters said energy-efficiency upgrades were becoming essential, nearly three in 10 (29%) said they had made no changes to their homes, compared with 23% of homeowners.
Among Barclays real estate customers surveyed, the majority of whom were landlords, just over half (51%) said they had improved their properties’ Energy Performance Certificate (EPC) ratings in the past three years.
However, 38% said they expected difficulties meeting proposed Minimum Energy Efficiency Standards (MEES) requirements, estimating the average cost of compliance at around £9,000 per property.
Patel added: “Larger improvements can involve significant cost, disruption and difficult decisions, while renters may have little control over the fabric of their homes. Clear advice, access to trusted installers and appropriate finance must work alongside stable policy if households, landlords and housebuilders are to move forward with confidence.”
