90% of property owners believe their property would benefit from being upgraded/retrofitted to become more energy efficient.
To support people to become more energy efficient, Bank of Ireland has launched a new online energy efficiency hub.
The hub helps customers understand their BER, as well as the work involved in achieving a better BER, including cost effective ways to po10tially improve BER.
“We’re not just funding mortgages or retrofitting, we also have a role in providing practical information and supports so customers can improve their energy efficiency”
An online retrofitting calculator shows the cost of retrofitting and the po10tial savings due to mortgage discounts linked to sustainability.
The launch of the hub coincides with Bank of Ireland’s new EcoSaver Mortgage, which provides discounted rates for all properties with a BER.
It also comes in the wake of the Bank’s 2023 Sustainability Report which showed that Bank of Ireland issued €11.1bn in sustainability-related finance in 2023, a 35% increase on the previous year.
The sustainability journey
“We’re not just funding mortgages or retrofitting, we also have a role in providing practical information and supports so customers can improve their energy efficiency,” said Aine McCleary, Chief Customer Officer, Bank of Ireland.
“Our online hub is designed to help customers who are on that journey, or who may be thinking about it. Not everybody lives in a property which is rated BER A or BER B, so we launched our EcoSaver Mortgage to provide discounts to all homeowners who have a BER. It’s a fairer system, which rewards more people. We will continue to challenge ourselves to make things better for customers.”
Bank of Ireland has partnered with SSE Airtricity to provide BER assessments to its customers, as well as assessments of works, quotes, and home retrofitting services via their ‘One Stop Shop’.
“We’re delighted to partner with Bank of Ireland to help households to improve their energy efficiency,” explained Stuart Hobbs, director of Energy Solutions at SSE Airtricity.
“Warmer, cosier and more energy efficient homes benefit people, communities, and the planet. Anything that can be done to demystify the decarbonisation process for customers is a win and our ‘One Stop Shop’ model does just that. From Solar PV to windows and doors, internal and external insulation, heat pumps and EV chargers – there’s an array of energy upgrade options available to suit any budget and our team at SSE Airtricity can help manage the process from project start to finish.”
Retrofitting realities
The majority (85%) of consumers know what they need to do to be more energy efficient and the same proportion (84%) believe they are making efforts to achieve this, according to EcoSaver research commissioned by Bank of Ireland with Red C.
While the vast majority (97%) of respondents have heard of Building Energy Rating (BER), and seven in 10 know a bit or a lot about it, one in four know very little or nothing about it. Nine in 10 have heard of retrofitting – half know a bit or a lot about it, while four in 10 have heard of it, but know little or nothing about it.
Nearly nine in 10 (86%) consumers feel that the property they own would benefit from being upgraded/retrofitted to become more energy efficient. The reduction in energy costs and greater comfort are seen as the main reason for upgrading or retrofitting a home. BER assessments are not just conducted by first time buyers or movers – just over half of existing homeowners not planning to move have had a BER assessment.
The Red C research also shows that six in 10 plan to retrofit their home at some stage in the future and one in 10 already have done so. There is considerable variation in the perceived cost of retrofitting a home – around half see it between €20k – €60k and it costs one in four more than €60k.
Main image at top: Pictured along with Baz Ashmawy at the launch of Bank of Ireland’s new online energy efficiency hub were Aine McCleary, Chief Customer Officer, Bank of Ireland and Susan Russell, CEO Retail Ireland, Bank of Ireland
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