Britons ‘to get £15,000 grants’ to make homes ‘more energy efficient’

Smart Energy shares tips for reducing energy bills

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Grant Shapps MP, the Business Secretary, is reportedly set to announce a new £1billion fund which will help households in paying for the cost of energy-efficient infrastructure and appliances for their homes. This comes as energy bills have risen by 27 percent since last month with the cost of living crisis showing no signs of slowing down. While the Government has offered many support schemes in the last year to mitigate costs, experts believe energy efficiency is key to lowering household gas and electricity bills long-term.

Through this £1billion fund, which is referred to as “eco plus”, homes will get money to cover installation costs for various products to make their house energy efficient.

This push is part of the Government’s wider green agenda to cut household energy usage by 15 percent before 2030.

Among the products and services which can be paid for include the installation of loft and cavity wall insulation, The Times reports.

Furthermore, the new grants scheme will reportedly cover smart heating controls such as advanced thermostats and thermostatic valves.

Around 70,000 are set to be covered by the pending Government initiative which will cut energy bills for households across the nation.

For example, loft insulation is able to save families £640 annually which will cover the overall installation cost over a two-year period.

On top of this, thermostatic valves and advanced thermostats can cut energy costs by £525 every year.

However, these smart heating controls can cost as much as £800 to install which means extra financial aid may be required for low income families in acquiring this support.

Cavity wall insulation also saves around £525 annually but can cost as much as £2,500 to install into a home.

Government ministers are looking into making this grant support available to households in tax bands A to D, according to reports.

This will be accessible for the next three years from April with up to 75 percent of energy-efficient upgrade costs being covered.

Reports suggest that any grant money awarded to homes will be administered through energy suppliers.

In his Autumn Statement last week, the Chancellor Jeremy Hunt reiterated the Government’s commitment to pushing for a more energy-efficient country and economy.

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.”

During his fiscal statement, the Chancellor confirmed much of the cost of living support from the last year will be carried over into 2023.

The energy price guarantee is set to be raised from £2,500 to £3,000 in April but will come to an end the following year.

As well as this, those on means-tested benefits, pensioners and the disabled will get cost of living payments of £900, £300 and £150, respectively.

Despite this, the Government’s £400 energy bill grant will not be returning alongside these payments and schemes.

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