Road To Zero Carbon
Infrared thermal imaging surveys provide an accurate insight into properties’ energy efficiency issues – many of which would otherwise go undiscovered.
and magnitude of retrofit underperformance, project outcomes are guaranteed. Tis allows landlords to align retrofit measures with what will work in practice. And guaranteeing retrofits’ energy savings reassures private investors as well. Should technology defect or a shortfall in bill savings occur, they know they will be compensated.
BALANCING THE BOOKS For ESG funders, insurance policies function as a safety net. Not only do they backstop underperformance, but they transform retrofits into financial assets. In other words, Energy Savings Insurance translates a piece of building modelling into a concept investors can understand and get behind. Te result? Access to institutional funding at a higher loan-to-cost ratio which has the capability of being off-balance. Blending private and public funding extends social housing providers’
existing budgets and makes deep retrofits possible. By connecting the worlds of data analytics, engineering, insurance, and finance throughout the retrofit process, stakeholders can get on the same page, working towards the same pre-defined goals, in possession of the adequate funds. Such collaboration offers a streamlined approach to financially, socially, and environmentally sustainable retrofits. While third-party funding enables project execution, it ultimately needs to be
repaid. Using a ‘pay-as-you-save’ model, housing associations use a percentage of the realised energy bill savings to service this third-party capex. Up to 25% of the savings stay with residents from day one, providing insulation against future price hikes. Tis increases to 100% once repayment ends.
Road To Zero Carbon Feature
AN ECOSYSTEM APPROACH IN PRACTICE Joining the dots between each stage of the retrofit planning cycle is known as an ecosystem approach. Described above, this method can be seen in action in the partnership between climate tech company, Tallarna, and net-zero pathfinder, IRT Surveys. Teir integration enables social landlords to identify, design, insure, fund and contract retrofit projects in one place. Crucially, they draw together the worlds of private and public finance – showcasing available grants and institutional funds to bridge the retrofit deficit. If the social housing sector is going to reach its net zero mandates, it needs to
get all building stakeholders around the same table, speaking the same language. Only then will retrofitting Britain’s 4 million social homes go from an uncertain aspiration to a funded reality.
Tim Meanock is CEO of Tallarna
44 | HMMJune/July 2022 |
www.housingmmonline.co.uk
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