Majority of consumers are making efforts to achieve energy efficiency

Majority of consumers are making efforts to achieve energy efficiency

Pictured along with Baz Ashmawy at the launch of Bank of Ireland's new online energy efficiency hub to support customers with energy efficiency are Aine McCleary, Chief Customer Officer, Bank of Ireland and Susan Russell, CEO Retail Ireland, Bank of Ireland. The hub helps customers understand their Building Energy Rating (BER), as well as the work involved in achieving a better BER, including cost effective ways to potentially improve BER.

• While awareness of BER is relatively high, one in four lacks knowledge about it
• Over half of existing homeowners not planning to move have had BER assessment
• More than half plan to retrofit their home at some stage
• Bank of Ireland launches energy efficiency hub and partnership with SSE Airtricity

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 ten know a bit or a lot about it, one in four knows very little or nothing about it. Nine in ten have heard of retrofitting - half know a bit or a lot about it, while four in ten have heard of it, but know little or nothing about it.

Nearly nine in ten (86%) of 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.

To support customers with energy efficiency, Bank of Ireland has launched an 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 potentially improve BER. An online retrofitting calculator shows the cost of retrofitting and the potential savings due to mortgage discounts linked to sustainability. Bank of Ireland's new EcoSaver Mortgage is the only product in the market which provides discounted fixed rates for all properties with a BER.

Aine McCleary, Chief Customer Officer, Bank of Ireland said: "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. 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. Stuart Hobbs, Director of Energy Solutions at SSE Airtricity said: "We're delighted to partner with Bank of Ireland to help households to improve their energy efficiency. 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."

The Red C research also shows that six in ten plan to retrofit their home at some stage in the future and one in ten already has. There is considerable variation in the perceived cost of retrofitting a home - around half see it between €20k - €60k and one-in-four see it more than €60k.

Customers undertaking work to improve the energy efficiency of their home can avail of Bank of Ireland's Green home improvement loan, the Bank's lowest available variable rate home improvement loan.

Ends

Note to editors:

The EcoSaver research was conducted by Red C on behalf of Bank of Ireland with over 600 respondents.

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