The government has announced a new scheme that will allow homeowners to receive finance of up to £5,000 to make energy-saving improvements to their home.
As part of his ‘Mini Budget’, Chancellor Rishi Sunak revealed a £2 billion Green Homes Grant initiative that will cut the cost of energy bills for homeowners, as well as provide more than 100,000 jobs.
Business secretary Alok Sharma told BBC Breakfast: “What [the scheme] ultimately means is lower bills for households, hundreds of pounds off energy bills every year, it’s supporting jobs and is very good news for the environment.”
The initiative will see the government paying two-thirds of the cost of installing energy-saving measures in the home, including fitting floor, loft and cavity wall insulation or replacing windows with double-glazing.
Vouchers of up to £5,000 will be issued after suppliers have given a quote and the work has been approved.
The poorest households will be able to receive £10,000 for the energy-saving job, without having to contribute to the cost of the work themselves. As a result, they could save up to £600 a year on fuel bills.
In addition to this, the grant will support the economy, which has taken a huge hit as a result of the coronavirus pandemic, by creating lots of jobs.
Mr Sunak was quoted by Money Saving Expert as saying: “As Britain recovers from the outbreak, it’s vital we do everything in our power to support and protect livelihoods across the nation.”
He added: “Our Green Homes Grant will not only cut families’ bills by making their homes more energy efficient, it will also kick start our economy by creating thousands of green jobs – and supporting those skilled tradespeople who are ready to work.”
The grants will become available from September, with homeowners able to apply for the funding through an online application procedure. The government will also provide information on recommended energy-efficiency measures and details of local suppliers that are accredited.
Its Green Homes Grant will help the government work towards its zero-carbon goals, after it become the first major economy to commit itself to bringing all greenhouse gas emissions to net zero by 2050.
Last June, it passed laws to end its contribution to global warming over the next 30 years by offsetting greenhouse gas emissions to achieve a balance of zero.
Mr Sunak announced a wider £3 billion investment into green initiatives earlier today (July 8th), which involves improving insulation in public buildings and retro-fitting low-carbon heating systems in social housing.
Schools and hospitals will benefit from the new energy-saving measures, while they will also help the UK meet its environmental target.
One way they could reduce their heating bills is by fitting solar reflective film on windows. As well as reducing glare and preventing furniture from fading, they deflect 80 per cent of the heat from the sun and reflect heat back into spaces during cold weather. Therefore, they are effective at keeping buildings cool during the summer and warm during the winter, creating a barrier with the weather conditions outside.