What is the importance of an EPC in the process of buying or selling a home in United Kingdom?

The energy performance certificate cost (EPC) program has been in place in the UK property market for a long time. Since August 2007 for homes sold, and from October 2008 for rental properties every dwelling has to be registered with an EPC to indicate the energy efficiency of the property, energy performance certificate cost.

What is an acceptable EPC rating?

Properties are classified into bands ranging from A to G with an A score as the highest efficiency and G being the least efficient.

In the first few years after the introduction of the scheme the EPC was often thought of as a secondary document that was part of the home buying process. In recent years however, it’s taken in a new meaning.

The reduction of emissions generated by UK homes, which are responsible for approximately 15 percent in UK carbon dioxide emissions will be crucial in helping the government to meet its climate goals. Therefore the UK government plans to retrofit all homes in order to achieve the EPC grade of C by 2035. However, some critics suggest that this deadline should be brought up to 2028. It will put the owners of 19 million UK homes that are currently not rated with the C rating in an impasse, since experts in the housing industry are now warning that houses that aren’t energy efficient could become impossible to mortgage and thus very difficult to rent.

Does an EPC impact my property’s worth?

In short it’s a yes. The government’s plan to ensure that homes are updated beyond the C score automatically make homes higher than this rating more attractive potential buyers since they aren’t obligated to expensive upgrades. Additionally, homeowners are becoming aware of the savings having energy-efficient homes. The research from moneysupermarket.com suggests that the average English house could be worth 14 percent more if upgraded to an A-rated rating.

Can an EPC impact my mortgage?

Presently, not at present, but that may be changing soon. A recent survey conducted by Countrywide Surveying Services found that 71% of property experts believe that values should consider taking into consideration EPC ratings when valuing properties as 56% believe that lenders should consider EPC ratings when calculating mortgage rates. If this happens, homeowners currently living in the area or who might be homeowners may be affected if the home that is being considered has an EPC rating lower than C.

What does an EPC affect homeowners, landlords and tenants?

For homeowners who own homes with a C rating two things are likely to occur. First, getting the loan you need to get may become more difficult and more costly. Furthermore, selling the home could become more difficult in the event that the price is not reflective of the amount of money needed to bring it up to standards. In this way, homeowners could be losing money from their home.

The same rules apply to the landlords of rental properties also, and with tenants getting more and more concerned about costs and energy usage, a rental property with a low rating is less attractive, and will therefore attract less rent. Additionally, rental properties need to be rated as E or better (with certain exceptions).

However, at this point the majority of homeowners are still unresponsive to the issue regardless of whether the proposed changes won’t impact their homes, or because they’re ignorant of these changes. The latest research done through NatWest Group and IHS Markit found that, of all the various factors that were analyzed, homeowners considered EPC rating at the third-lowest priority they took into consideration when they last purchased a house. More than 25% of homeowners believe they do not plan to make any sustainable changes to their house in the upcoming ten years.

What are the advantages of converting my home into the EPC:

An energy-efficient home has more advantages than more valuable property. You’ll save money on your costs year after year and also. As per the Department for Business, Energy & Industrial Strategy (BEIS) The average running expenses for a house that has the EPC score of C within England is around PS300 less than homes with a band D rating, and PS740 lower than for an E-band home. In addition, with the proper efficiency measures installed, your home will be more inviting, remaining warm in the winter months and cool in summer.

How much will it cost for me to upgrade my house into an EPC C score?

It all depends on the kind of house you live in and the current EPC rating. Upgrades to the C rating can cost you just a few hundred dollars for something as simple as loft insulation, and upwards of PS12,000 to PS15,000 for ground source heat pumps which is expected to become the standard method for heating for homes after gas boilers go out of service likely in 2033. Based on the BEIS however, the typical cost of upgrading to C will work out at about PS4000.

How can I boost the home’s EPC rating?

With the environmental crisis in full swing, there’s never a better time than the now to increase the efficiency of your home’s energy use, and the ideal time to tackle home improvement is during warm temperatures. Your current EPC will offer the most common improvements suggestions including insulation, double-glazing, low energy solar panels and lighting, and the possible cost of these upgrades as well as the amount you’ll save on your energy bills, energy performance certificate cost.

Are you unsure what your EPC is? Locate the details of your EPC Rating online here:

The government has established its goals, with ample time for changes to be completed at a reasonable rate, and it is possible that there will be a program of funding support that is planned in order to take over that of the Green Homes Grant Scheme.

The most important thing is the bottom line:

EPCs are expected to be a growing part for the buying and selling of homes. Even if you don’t plan on selling anytime very soon, it’s sensible to examine the current EPC to determine how you’re doing and then think about making improvements that will help you save both time and money as well as effort in the future and reduce carbon emissions.

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