Middle-income households ‘to receive £15,000 government grants to make their homes more energy efficient’: Ministers to announce plan to fund insulation and smart radiator controls
- Middle-income households could get £15,000 to save energy
- The ‘eco plus’ fund will be announced by Business Secretary Grant Shapps
- It will go towards smart heating controls, as well as insulation for hollow walls and dormers.
- A total of £1 billion will be awarded to people who can contribute to the construction costs.
Middle-income households could receive up to £15,000 to make their homes more energy efficient under new government plans, it is reported.
Business Secretary Grant Shapps is to announce a new £1 billion fund, called ‘eco plus’, which will help homeowners who can contribute to the cost of the works.
The government already has schemes in place to pay for energy efficiency upgrades for low-income households as it seeks to help taxpayers save money amid soaring energy prices.
The new plans will make it possible for eligible households to finance the installation of cavity wall and dormer insulation, as well as smart heating controls such as advanced thermostats and thermostatic valves, according to the Times.
Business Secretary Grant Shapps, pictured here outside Downing Street, is ready to announce the ‘eco plus’ fund
The energy efficiencies funded by the scheme could save households hundreds of pounds a year. Pictured: A file photo of someone adjusting the temperature on a radiator
The newspaper reports that it will cover over 70,000 homes and save hundreds of pounds a year: loft insulation alone can save £640 a year, paying the installation price of £1,100 in just two years.
Ministers will consider plans to make the money available to those in council tax bands A to D over the next three years from April, with 75 per cent of upgrade costs potentially covered.
Energy providers will administer the funds, unlike the green home grant that was eliminated last year.
Smart heating controls, such as thermostatic valves and advanced thermostats, can cost up to £800, but save households £525 a year.
Smart heating controls could also be covered by the new scheme. Pictured: A photo of an advanced thermostat
The scheme could contribute thousands of pounds to install loft insulation in middle-income homes. Pictured: A file photo showing a construction worker installing insulation in an attic
In addition to the hundreds of pounds saved with dormer insulation, cavity wall insulation can cost up to £2,500, but can also save £525 a year.
The funding is part of plans to be announced by the government in an attempt to cut household energy use by 15 percent by 2030.
It was previously reported that the Cabinet was preparing to launch a £25m public information campaign to encourage the public to use less energy.
Foreign Minister Jeremy Hunt said earlier that people would join a “national mission” to reduce “energy dependency on whatever Putin chooses to do.”