Supporting customers with energy efficient homes
In 2019, the UK became the first major economy to pass laws to achieve net zero by 2050 [1]. As a founding signatory to the UN Principles for Responsible Banking, Gatehouse Bank has aligned its business to this goal, as well as to the Paris Climate Agreement..
As highlighted by the UK government’s Heat and Building Strategy Report 2021, UK homes are responsible for 17% of the nation’s total greenhouse gas emissions.[2] At Gatehouse Bank, we have committed to a net zero home finance target by 2050, with an interim target of reducing our absolute emissions by 35% by 2030.
To support with this transition, we introduced our green home finance product range in 2022, which encourages customers to opt for more energy efficient homes. Those purchasing or refinancing a home with an EPC rating of A or B are offered a reduced rental rate on the initial fixed term of the product and for as long as they remain with the Bank with a qualifying property. We also continue to explore other sustainable finance products and reduce our overall carbon impact.
Embracing energy efficient practices at home can play a crucial role in the journey towards a more sustainable future, as well as helping to reduce monthly utility bill costs.
The first place to start is by making simple changes to your daily habits, which according to the Energy Saving Trust could save households up to £474 every year, whilst also benefitting the environment.[3]
Here are a few simple and quick tips to remember:
- Switch off standby mode
- Draught-proofing windows and doors
- Turn off lights when not required.
- Using the washing machine carefully
- Avoid using the tumble dryer
- Spend less time in the shower
- Avoid over filling kettles
- Only use the dishwasher when it is full.
Following this, a few additional measures can be taken which will ultimately make a difference to your pocket and the planet.
Home Insulation
Insulation prevents heat from escaping and allows you to keep your home warm in the winter and cool in the summer without using too much energy.
If your home isn’t properly insulated, you can lose heat through the roof, walls and even the floor, which ultimately results in higher energy bill costs. Consider insulating your walls, roof, floors and draught areas. To find out more about how much it would cost to insulate or whether you are eligible for free insulation, the insulation thickness and how much this could ultimately save in the long run, please click here
Energy Efficient Heating
For the average household, over half of energy bills are spent on heating and hot water. An efficient heating system running on a low carbon fuel is one of the most important steps that can reduce bills and subsequent carbon emissions.
If you’re looking to review the current energy set up in your home, the HACKS calculator is a useful tool to review your energy usage and offers suggestions to make your home more efficient. There are also several resources available, to find out more about the boiler upgrade scheme, local authority support, or support through your energy company. To find out more about energy efficient heating like heat pumps or electric heating click here.
Energy Efficient Lighting
Lighting makes up 11% of the average UK household electricity consumption. By replacing traditional incandescent bulbs with energy-saving Light Emitting Diode (LED) or Compact Fluorescent Lamps (CFL), you could reduce your carbon footprint as well as your energy bill, as most LEDs use 90% less energy.[4]
To find out more about how much you could potentially save or to choose the right bulb for your needs, click here. If you decide to dispose of your bulb for any reason, please do so responsibly.
Smart Thermostats
Smart thermostats allow you to remotely control your home's temperature via a tablet, smartphone or desktop for greater control over your central heating. A smart thermostat is user friendly and gives you more efficient, accessible control over your home’s heating using three basic components. To find out more about smart thermostats and how they can help you save money on energy bills, click here.
Appliance Upgrades
When you’re buying a new appliance for your home, look out for the energy label. The energy label tells you how much energy an appliance uses, comparing it to similar products.[5]
Comparing labels will help you opt for a product that uses less energy. You should also consider the size of the appliance you need, as larger appliances tend to have a higher energy consumption.
To find out more about how to identify energy efficient appliances, click here.
Renewable Energy Sources
Renewable energy sources, such as solar panels or wind turbines can play a pivotal role in addressing the pressing challenges of climate change. By harnessing the power of the sun, wind and other renewable sources, you can reduce your carbon footprint and lower your energy bills in the long run.[6]
To learn more about what type of renewable energy is right for you, please click here. Further information about solar panels can be found here, and information about heat pumps can be found here.
Further Information and Resources
If you own a property in England or Wales, you can get recommendations for home improvements that could make your property cheaper to heat and keep warm.
- https://www.gov.uk/improve-energy-efficiency
- Energy Savings Trust
- Energy Efficiency in the Home- Citizens Advice
- Renewable Energy Grants and Support- Gov.uk
- Money Saving Expert
For more information and to get in touch, please contact sustainability@gatehousebank.com.
[1] https://www.gov.uk/government/news/uk-becomes-first-major-economy-to-pass-net-zero-emissions-law
[3] https://energysavingtrust.org.uk/hub/quick-tips-to-save-energy/
[4] https://www.which.co.uk/reviews/light-bulbs/article/how-to-buy-the-best-light-bulb-a5ZLF4v6VDlw
[5] https://www.energylabel.org.uk/news-and-press/news/?news=3799&cHash=675fc464bed421b6c5cdb34d37da4552