As part of our ambition to become a greener, more sustainable society, we have been undertaking work to understand the energy efficiency of our borrower’s homes. To help us do that, we’ve explored EPC (Energy Performance Certificate) ratings further. Here’s why they're important, and how you can discover yours.
What is an EPC?
First introduced in 2007, an EPC measures the energy efficiency of a property on a scale from A to G, with A being the most energy efficient. An up-to-date EPC is a legal requirement for selling a property, so you might be familiar with one if you’ve recently bought or sold a house.
Each certificate is valid for ten years and must be produced by an accredited Energy Assessor. The certificate confirms the energy efficiency of your home as well as the potential rating after improvements are made. An EPC report considers:
• Energy use
• Insulation type
• Heat source
Why are EPC ratings important?
With the price of energy still high, many homeowners are considering ways to boost the energy efficiency of their homes. This is also a focus for mortgage lenders, who are beginning to allocate more resources to improving their green credentials and the overall efficiency of their mortgage books.
As the government's long-term goal for all homes to have a minimum EPC rating of C by 2035 (or 2025 for privately rented properties) creeps closer, it is critical that homeowners are aware of the rating of their property and how to improve it.
Improving EPC ratings
The average EPC rating of property in the UK is D (60), but according to research from the Mortgage Advice Bureau, only a third of borrowers are aware of their rating, demonstrating a lack of overall awareness about the importance of EPCs and the effect they could have on your household energy bills.
Aside from an overall rating, EPCs also provide a list of potential improvements that you could consider making. These range from small things like upgrading your light fittings to larger, more costly improvements like installing a new heating system.
Finding your EPC
Finding out the EPC rating of your property is simple. Visit the gov.uk website and enter your postcode – this will show all of the EPCs that have been carried out on your home, including when they expired.
You can also discover recommendations for improving the energy efficiency of your home using the government’s ‘find ways to save energy in your home’ service here.
Making improvements
If you're an existing customer and you want to make some energy efficient improvements to your home, why not check out out GoGreen mortgage range? To qualify, you must use at least 50% of the further advance for one or more energy efficient home improvements such as, but not limited to: Air source heat pumps, cavity wall insulation, or an electric car charging port. Discover more here.
