Saving Energy ....Wasting Money

The Royal Institute of Chartered Surveyors claim that homeowners would have to wait up to 208 years to recoup some of the costs on energy saving measures advised in the new Energy Performance Certificates.

The Energy Performance Certificates which are now required with all Home Information Packs for houses with three or more bedrooms list eight measures to secure a high rating of A or B against a poor rating of F or G. The RICS data shows that putting in all eight measures, including insulation, condenser boilers and double glazing, would cost £23,547. This would knock only £486 off fuel bills and would take 48 years to recoup.

RICS' Building Cost Information Service assessed how long it would take to recoup costs on all measures ranging from cavity wall insulation to solar thermal heating. Some of the measures, such as solar panels to heat water, would cost £5,000 to install but reduce average bills by only £24 a year and would therefore take about 208 years to pay back. The cost of double glazing would take 124 years to recoup in lower heating bills while underfloor insulation would take 54 years.

Jill Craig, RICS head of policy and public affairs said: “The Government needs to do a lot more than just introduce a ‘fridge style’ energy rating system to encourage people to take up energy saving measures into their homes....RICS has been calling on government to reduce the level of VAT applied to all energy saving measures and to provide an attractive grant program to aid real change. If this government is really serious about combating climate change they have to turn their big talk into even bigger actions."