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An EPC could be a very sensible investment
PEPA calculates that implementing measures recommended in an Energy Performance Certificate (EPC) could be worth many thousands of pounds to a homeowner
The Property Energy Professionals Association (PEPA), which represents the Government appointed accreditation schemes which regulate energy assessors, was greatly interested in the recent analysis by Nationwide Building Society of the impact of EPC ratings on property values. The study found that properties with A or B ratings will attract a value some 5.2% greater than those with F and G ratings. With average property prices now estimated at £280,000 that differential translates into a very significant £14,500.
The differential in property values is, however, not the only benefit of improving the energy efficiency of properties. Analysis by BEIS earlier this year indicated that a £5,000 investment in energy efficiency improvements in an average house would result in average energy savings of £220 per annum. Homeowners investing in energy efficiency measures now, even if they are not contemplating selling, will not only benefit from an enhanced property value when they do come to sell, but also from reduced energy bills in the meantime.
Andrew Parkin, PEPA Chairman commented ‘Whilst it was no surprise to PEPA that property values may vary by as much as 5.2% depending on the EPC rating, it was disappointing, and surprising, that some commentators played down the significance of this research. With property and energy prices continuing to rise, and with increased global focus on energy efficiency and carbon emission reductions, the value of improving energy efficiency in properties is only likely to increase. It makes sense for homeowners to invest in an EPC now to find out what opportunities there may be to enhance the value of their property and reduce energy bills without waiting for the time when they may wish to sell.’
PEPA members have now trained many domestic energy assessors to become retrofit assessors and advisors under the PAS 2035 standards, and they are able to provide tailored ‘in-house’ advice to homeowners on which energy efficiency measures they should consider implementing, as well as considering limitations, condition and ventilation requirements.
Andrew Parkin added ‘it makes great sense for homeowners who are commissioning an EPC of their own volition to look for an assessor who is also qualified to provide advice so that they can optimise the effectiveness of implementing energy efficiency improvements. Those qualified to provide advice will also be aware of any Government schemes that may be available to help bear the cost of any investment in energy efficiency measures’
PEPA is calling on mortgage lenders in particular to get the message out to their customers of the value of investing in an EPC.