8 November 2023
Energy
A prime example is the period leading up to the major financial crisis of 2008. In 2006, significant strides were made in carbon credits, with companies like Virgin Group committing to donating 100% of their profits to the environment for a decade. There was also a substantial push to move away from coal-powered energy generation. However, as 2007 arrived, the conversation shifted quickly to fiscal matters, hampering environmental progress. For a long time, the environment was perceived as a "nice to have" rather than a necessity.
Today, especially in the UK, the environment maintains its relevance even amid the challenges of Brexit, the COVID-19 pandemic, rising living costs, and energy crises. It has transitioned from a mere luxury to a necessity for healing our economy, fostering growth and innovation, and creating opportunities. The UK has a long history of leadership in various fields and is renowned for its ingenuity and willingness to take risks. Although the nation might not always fully capitalise on these opportunities, it has, for instance, constructed some of the world's largest wind power production capabilities. With more than 11,000 wind turbines, the UK has an installed capacity of 28 gigawatts, with plans to expand to 40 gigawatts by 2030.
This expansion has reduced wholesale electricity prices, which, while not fully translating to lower costs for consumers due to energy crises and gas prices, has helped safeguard the environment and improve energy security in the UK. Similar to how insulating your home can decrease heating energy consumption, which accounts for up to 60% of all household energy, the transition to more sustainable energy sources has a substantial impact. Lord Callahan, the energy minister, notes that in 2010, only 15% of homes had an Energy Performance Certificate (EPC) rating of C or higher. This figure has risen to over 50% in less than thirteen years, leading to significant energy savings. Notably, this achievement applies to a housing stock that includes nearly six million homes built before World War I.
Encouraging homeowners and landlords to invest in insulation directly reduces energy consumption and results in substantial long-term energy savings. While it may require a modest initial investment, the potential for energy savings is immense. Unfortunately, advocating for the transition from gas boilers to heat pumps is more challenging. Although heat pumps are on average three times more efficient than gas boilers, electricity tariffs have offset many of these benefits. However, government efforts to transition these tariffs to gas could unlock significant financial and environmental benefits, encouraging the shift to heat pumps.
At Tewke, we are committed to our mission of aggregating small savings while creating an exceptional home environment that enhances the well-being of its inhabitants. Our goal is to help homeowners save on their energy bills and contribute to environmental preservation. We believe in a win-win approach—empowering the people to make a positive impact. Power to the people.
