According to reports, this will be part of a £1bn Eco Plus scheme which will launch in April 2023 and last for three years. It has been suggested that business secretary Grant Shapps will make an announcement next week.
First reported in The Times, the scheme is to be targeted at homes in council tax bands A to C, will benefit 70,000 properties and cover up to 75 per cent of retrofitting costs.
This will fund measures such as cavity wall insulation, smart heating controls and loft insulation. It will be carried out by energy suppliers.
This follows a pledge made by Chancellor Jeremy Hunt at the Autumn Statement, where he said the state would invest a total of £6bn to reduce energy consumption in both homes and businesses.
A department for Business Energy and Industrial Strategy (BEIS) spokesperson said: “Making homes more energy efficient is the best way to cut household energy use and energy bills.
“In September we announced our Energy Company Obligation+ scheme which will run from Spring 2023 to March 2026, to deliver new insulation to hundreds of thousands of homes, and an average saving of £310 per year.
“This will support people in the least energy efficient homes and the most vulnerable – reducing energy bills and fuel poverty.”
A more targeted approach
The Royal Institute of Chartered Surveyors (RICS) welcomed the news and the “more targeted approach”.
Sam Rees, senior public affairs officer at RICS, said: “This announcement is timely, and we welcome the government’s support for residential retrofitting. Our research found that due to the cost-of-living crisis, consumers are more cautious about spending money on retrofitting and other measures to improve energy efficiency and save money in the long term. Funding in this space should help ease these financial concerns and get this crucial aspect of the net zero agenda back on track.
“We remind consumers that it is essential that they consult a suitable surveyor before retrofitting their home to ensure that there are no unintended consequences from work undertaken. We hope the government’s promotion of this scheme clarifies this.”
“Due to current geopolitical events, energy security is also at the forefront of concerns, and greater energy efficiency helps secure the UK’s energy infrastructure. We look forward to engaging with the specifics of the scheme once fully revealed next week,” he added.
