"With UK property so far behind on the path to net zero, we must do all we can to support better-informed decisions that benefit both people and the planet"
- Orla Shields - Kamma
Climate tech business, Kamma, has highlighted the potential for an additional 4 million property retrofits, supported through more accurate data that better informs on the cost and business case of retrofitting. These upgrades would slash carbon emissions from UK property by around 3.9 million tonnes.
The UK property sector is one of the oldest in Europe, as well as being one of the slowest to decarbonise. With almost 60% of UK properties being below EPC C, the challenge at the forefront of net zero for UK property is the urgent need to retrofit old and inefficient homes.
A huge increase in green finance propositions over the past few years has done little to increase the rate of retrofits of UK housing stock. This challenge becomes difficult to overcome when homeowners are presented with inaccurate insights and a poor business case to improve efficiency, reduce emissions and reduce bills, through retrofitting.
Kamma’s latest analysis reveals that freely available government data inaccurately calculates fuel savings and retrofit pricing based on outdated 2012 benchmarks, presenting homeowners with a skewed and unappealing view of the financial benefits of home improvements. The return on investment for solar PV, for example, is 60% higher now than it was in 2012.
Further research of over 1,000 UK homeowners, revealed that 71% of homeowners were presented with retrofit packages that were outside of their budget, based on the standard retrofit advice given by major online informational portals.
By assessing up-to-date retrofit package costs against homeowners' budgets, a more accurate and cost-optimised depiction of retrofit opportunities can be achieved. According to Kamma's studies, this approach raises interest in retrofits by 2.6 times, unlocking an additional 4 million retrofits, and supporting a reduction in emissions of 3.9 million tonnes.
Orla Shields, (pictured) Kamma's CEO commented: "By addressing the shortcomings of free data, we can unlock immense potential for increased retrofit improvements, benefiting homeowners, lenders, and the environment alike.
"With UK property so far behind on the path to net zero, it’s vital we do all we can to support better-informed decisions that benefit both people and the planet."
