A new study by Rightmove has made the claim that more than half of UK homes are not energy efficient, potentially adding thousands of pounds to household bills.
According to the property website, at least 18 million homes have an Energy Performance Rating of D or below, which accounts for 55% of housing stock in the UK.
The study included houses with an EPC rating and homes that have never been awarded one because they have not been rented or sold since the rating scheme was introduced in 2007.
Analysis of government data reveals that the average three-bedroom house with an EPC rating of F is £4,431 per year.
The same sized house with an EPC rating of C pays an average of £1,669 – making a considerable saving of £2,762 every year.
When three-bedroom houses that hold a B and D rating are compared, the difference is £1,301.
The study states that being able to reduce energy bills is the biggest motivator for someone to make green changes to their home.
These changes could include floor or roof insulation, moving from a gas boiler to a heat pump, window upgrades or installing solar panels.
Given the energy savings these alterations can make, it could mean they repay themselves in a relatively short space of time.
The property portal is keen for the next government to invest heavily in green home incentives, which will improve the millions of homes that urgently need upgrading.
The Conservatives are planning to invest £6 billion over the next three years to improve energy efficiency in one million homes, making it accessible via a voucher scheme.
Labour’s manifesto includes a £6.6 billion Warm Homes Plan that offers grants and low-interest loans to support insulation investment, as well as batteries, solar panels and low carbon heating.
Tim Bannister, property expert at Rightmove, says: 'While it's a start to see some green support proposed in the party manifestos, there's a big job to be done to address the wide-scale issue that at least 18 million UK homes need to be improved.
'Many home-owners and landlords need urgent access to schemes that enable them to make these improvements, which could help with huge savings on energy bills.
'Each home requires different improvements, and the upfront costs are a huge barrier to change.
'Without more help, many homeowners and tenants will continue to live in high-carbon emitting homes with high energy costs.'
Nathan Emerson, Chief Executive of Propertymark, said: 'We have long supported initiatives and practical measures to help enhance energy efficiency.
'We would be keen to see any incoming government construct a wide-ranging package of support to assist with upgrades at the first opportunity.
'It's vital there is a diverse approach of funding, grants, and targeted schemes based on age, condition, and size and that there is robust infrastructure in place to deliver on such ambitions.'
