Retrofit work would cost up to £11,000 for each homes, according to new research
Upgrading the UK’s housing stock to meet the government’s energy efficiency targets could cost nearly £120bn, according to new data.
It will cost between £6,220 and £11,120 to upgrade each home to the government’s benchmark standard EPC rating of C or better, a study by Impact Data Metrics (IDM) has found.
Labour has set a target for all rental properties to have a minimum EPC C rating by 2030, and for newbuild private homes to achieve the rating by 2035 under the Future Homes Standard, which will be introduced this year.
IDM, which works with local authorities, developers and agencies leading net zero campaigns, said retrofitting the 10 million-plus homes that need work to reach EPC C would cost at least £65.4bn at the lower range and up to £118.1bn.
The firm’s chief executive Geoff Wainwright said: “Against a challenging economic backdrop for the government, our research highlights the scale of the retrofit challenge ahead if we are to get anywhere near meeting our Net Zero ambitions.”
While official data also shows household energy consumption has fallen significantly in recent years, particularly among people living in the least energy efficient homes, IDM said “dramatic” intervention would be needed in the form of green grants to incentivise retrofit work if EPC targets are to be met.
Between 2020 and 2023, energy consumption fell by up to 17.8%, largely from changes in consumer behaviour.
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