Research from Mortgage Advice Bureau (MAB) has found that only a quarter (24%) of consumers know what the Energy Performance Certificate (EPC) rating on their property is.
Two-fifths (41%) of UK adults did not know the EPC rating of their own property, and more than a third (35%) did not know what an EPC rating was at all.
Outright homeowners (47%) were more likely to know that of their own property than those still paying off their mortgage (37%).
MAB found that those aged 24 to 28 were generally the most knowledgeable about EPC ratings, with 38% stating that they knew their property’s.
Older age groups were the least likely to know what their EPC rating is, with 24% of Generation X and 16% of Baby Boomers confirming that they knew which band their property fell into.
Research from Nationwide recently found that the average cost of energy efficiency improvements for a single home was around £8,100, rising to £25,800 for homes with an existing F or G rating.
MAB found that 24% of respondents said government initiatives would influence them to improve their rating, while a further 22% said that government legislation would cause them to make energy efficient changes.
Brian Murphy, head of lending at MAB, said: “The importance of consumers knowing their EPC rating is paramount to them not being hit by higher costs or charges down the line.
“However, the government has a vital role to play in improving consumer engagement and awareness on EPC ratings and their plans to decarbonise homes.
“For many, retrofitting homes will be too strong a financial burden and thus out of reach.
“It is therefore up to the government and the industry to work together to incentivise people to improve their homes, rather than reward those who already live in energy efficient properties.”