Unlocking Demand
The report, titled , draws on YouGov research and reveals that 54 per cent of consumers cite high upfront costs as the main barrier to heat pump adoption, although 44 per cent say they would switch if provided with clear savings information.
Bhullar says. “Lenders are committed to playing their part and through the Government’s upcoming Warm Homes Plan, we have the opportunity to really make a difference.”
The organisation sets out nine recommendations for inclusion in the plan, including
UK Finance argues that increasing demand for green home improvements will bring significant benefits, stimulate job creation, drive innovation and reinforce the UK’s energy security in an increasingly volatile global market.
It is clear that costs are a barrier for many people when it comes to switching to these low carbon alternatives.”
NAEA Propertymark President, Toby Leek, supports the call for action but warns against blanket approaches. “It is clear that costs are a barrier for many people when it comes to switching to these low carbon alternatives.
“At the same time, it is vital that the UK Government avoids a one-size-fits-all approach towards energy efficiency, as older properties are not always able to add heat pumps.”
Current government schemes include the Boiler Upgrade Scheme, offering households in England and Wales £7,500 towards replacing old boiler systems with heat pumps.
