Santander issues £340 message and says households need help

Banking giant Santander has called on the Government to do more to help homeowners and renters improve the energy efficiency of their homes and save money on their energy bills. The bank said there was clear evidence investing in retrofitting properties would save households money on bills but that not enough was being done to make it a reality.

Their found that almost half of people believed that making these improvements would have a significant effect on their lives, but many don't know how to go about it or can't afford it. Two thirds revealed they don’t know their current EPC rating, and more than half wouldn’t know where to source a trusted tradesperson to carry out work.

Large scale measures, such as installing a heat pump or solar panels, were deemed unaffordable by nearly three quarters (73%) of those surveyed. A heat pump could save a household around £340 a year on energy bills.

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Fiona Hyde, head of sustainability at Santander, said: “It’s clear that homeowners and renters need Government support to be better informed about the options available to them; to have access to affordable, skilled tradespeople; and crucially to be able to benefit from all available financial incentives, if we are to help them keep their homes warm and their energy bills low. But beyond that, the houses and flats we know today will, in the majority of cases, be the same houses and flats that we are living in for generations to come.

"Failing to retrofit them is simply not an option if we are to truly tackle the climate crisis and achieve the country’s carbon emission targets.” Among measures the bank is calling for is grant support, such as rebates on stamp duty for new home buyers who make defined retrofitting investments and upfront grant support, means-tested for lower income households, delivered by local government.

The bank is being banked by MP Phillip Dunne, MP and Chair of the Environmental Audit Committee who said: "The Government has introduced some incentives, such as VAT reductions on energy efficiency installations and the Home Upgrade Scheme for grants to help support heat pumps uptake.

"But there is scope to do more, to help households on the journey to decarbonising homes to lower energy costs and cut emissions."