New research suggests that residents in energy-inefficient homes could face an additional £299 on their annual energy bills this year, costing UK households a total of £3.8 billion.
The study, conducted by economics consultancy Cebr and commissioned by Kingfisher (owner of B&Q and Screwfix), focused on properties with an Energy Performance Certificate (EPC) rating below C.
It found that the older generation is disproportionately affected, with 60 per cent of over-65s residing in inefficient homes. This demographic faces an average increase of £256 in yearly energy costs compared to under-30s at current rates.
As a result, over-65s spend the largest proportion of their income on energy bills, highlighting the financial pressure on retirees. In contrast, younger generations seem more proactive in addressing the issue.
The survey of 3,000 adults revealed that 83 per cent of 18 to 34 year olds plan to invest in energy efficiency improvements within the next five years, making them the most likely age group to prioritise home upgrades.
However, the main obstacle to improving energy efficiency for all adults surveyed is the initial costs, with 40 per cent stating they are too high and 20 per cent worried that the payback period is too long.
There is widespread concern across all age groups about energy bills this winter, with 71 per cent of Britons expressing worry, and 77 per cent becoming more conscious of saving energy as a result.
Thierry Garnier, Kingfisher’s CEO, said: “The Government’s goal to boost efficiency in five million homes by 2030 is a strong start. While there is no silver bullet, we believe three key policies would accelerate this effort.
“First, a focused initiative by winter 2025 to insulate the over five million uninsulated lofts across the UK. Longer term, we must empower and incentivise consumers with improved grants for low-income households and easy, consumer-focused solutions for those who are more able to pay.
“Finally, robust support for trade careers is critical to building a skilled workforce capable of delivering technical upgrades at scale.”
Among the most popular planned measures for young adults are lower cost improvement measures including smart electricity or gas meters (61 per cent), smart thermostats (58 per cent) and temperature control valves on radiators (53 per cent).
However, younger generations are much less willing to compromise their lifestyle or change behaviours to save energy.
More than half (52 per cent) of 18–34-year-olds would rather pay more on energy bills to live comfortably, while nearly half (45 per cent) turn on the heating ‘whenever they fancy’, according to the OnePoll.com figures.