Report recommendations on real-time metering of energy savings
The Green Finance Institute’s Coalition for the Energy Efficiency of Buildings (CEEB) has released a report recommending a new protocol for real-time ‘metering’ of energy savings in UK buildings, and outlining the data points it should include.
A national, standardised way to measure the energy saved by retrofit works to our homes is vital to unlock up to £65 billion of investment needed to decarbonise our existing building stock.
Towards a protocol for metered energy savings in UK buildings is the outcome of collaboration by over 20 CEEB member organisations, including EnergyPro, Energy Systems Catapult and University College London (UCL). Recognising that technology is now sufficiently advanced to provide an accurate measurement of household energy use, the report sets out recommendations for a new protocol to calculate real-time energy savings – based on the estimated amount of energy that would have been used in a specific building had an energy efficiency retrofit not taken place.
Establishing a UK-wide, standardised metered energy savings protocol is a critical part of building a mainstream finance market for residential retrofitting. With it, financial institutions could better assess the risk of providing capital to energy efficiency projects, helping to underpin the development of new financial products and services. It will also help lenders certify the environmental impact of green home retrofits – a current challenge to scaling the green home finance market – and allow them to measure the overall energy performance of their mortgage portfolios. Insurers will have accurate risk data with which to underwrite energy-efficiency programmes, providing protection for both consumers and investors, and enabling contractors to offer performance guarantees.
The CEEB is now inviting feedback from energy, data, retrofit and finance professionals, in order to further develop the technical proposal and demonstrate the benefits the protocol can unlock with pilot retrofit projects – two of which have already been identified.
Dr Rhian-Mari Thomas OBE, Chief Executive of the Green Finance Institute, said: “It is vital to design and embed a more accurate, granular and real-time approach to measuring energy savings than is currently available. Adoption of a Metered Energy Savings protocol by the energy and retrofit sectors would build confidence among the finance community and benefit consumers looking to decarbonise their homes, thereby creating the enabling conditions for the retrofit finance market to scale at the pace the UK desperately needs.”