Householder will have to wait up to 208 years to recoup costs on some energy saving measures, according to new research which you can download here. RICS also calls for VAT reduction
The RICS claimed today that homeowners would have to wait up to 208 years to recoup costs on energy saving measured advised in the new Energy Performance Certificates. It claimed the Government needed to step up its attempts to reduce energy used in homes by reducing VAT on energy saving measures and expanding EPCs to apply to all properties.
Figures released by the RICS' Building Cost Information Service assessed how long it would take to recoup costs on measures ranging from cavity wall insultation to solar thermal heating. It found the payback period for the former was five years while the latter was 208 years. Download the full results below.
Other findings included:
- Double glazing - cost £9,327, energy saving per year £78, payback period 124 years
- Condensing boiler - cost £2,000, energy saving per year £52, payback period 38 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.
“Efforts must be focussed on the bulk of the housing market, made up of older homes from the 1920s -1960s, that produce twice as much CO2 as a homes built after 1995. The EPC should be applied flexibly to all residential property, not just those that are being bought and sold.”
- Other, Size 0 kb