Middle-earners to get '£15,000 grants' to help insulate home and reduce bills under new scheme announced by Grant Shapps
25 November 2022, 12:03 | Updated: 25 November 2022, 12:52
Middle-earners will be given grants of up to £15,000 to make their homes more energy efficient, it's been reported.
Business secretary Grant Shapps will announce plans to fund loft insulation, cavity wall insulation and smart heating controls next week, it's been reported.
Unlike other energy efficiency schemes, the new fund, “eco plus”, will be aimed at those who able to pay.
£1 billion-worth of funding has been allocated by the government from existing budgets for the next three years, with ministers set to consult on plans to make the funds available people in A to D council tax bands.
The government will reportedly pay 75 percent of the cost of any upgrades.
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The scheme - administered by energy suppliers - will run from April and cover efficiency measures for over 70,000 homes and save hundreds of pounds a year.
Loft insulation can cost as much as £1,100 to install but save £640 a year, cavity wall insulation costs up to £2,500 but can save £525 yearly.
Smart heating controls can like thermostatic valves and advanced thermostats also reduce costs costing up to £800 and able to save £525 a year.
The fund is reportedly part of measures the government will announce to try and bring down people’s energy consumption by 15 per cent by 2030.
The newspaper reported yesterday that ministers were getting ready to launch a £25 million public information campaign encouraging people to reduce their energy usage.
In last week's Autumn Statement the Chancellor Jeremy Hunt reiterated commitment from the government to make the country and economy more energy-efficient.
Mr Hunt said: “We set our country a new ambition: by 2030, we want to reduce energy consumption from buildings and industry by 15 percent.
“Reducing demand by this much means, in today’s prices, a £28billion saving from our national energy bill or £450 off the average household bill.
“This must be a shared mission with families and businesses playing their part – but so will the government. In this Parliament, we’re already planning to invest, in energy efficiency, a total of £6.6billion.”
The energy price guarantee is set to be upped from £2,500 to £3,000 in April but will end the following year.
In addition, people on means-tested benefits, pensioners and the disabled will get £900, £300 and £150 cost of living payments, respectively.
However, the Government’s £400 energy bill grant won't return alongside these shames and payments.
