Set to launch in 2023, the new ECO+ scheme will extend support to those who are currently ineligible for other government funding for energy efficiency improvements
The UK government has unveiled a new £1bn scheme aimed at bringing down energy costs by providing new home insulation.
Set to launch in 2023, the new ECO+ scheme will extend support to those who are currently ineligible for other government funding for energy efficiency improvements by rolling out low-cost insulation measures such as loft and cavity wall insulation.
Some 80% of the new funding will be made available for homes with an EPC rating of D or below, as well as homes that fall into the lower council tax bands.
Around a fifth of the fund will also be targeted towards the most vulnerable to energy price hikes, including those on means tested benefits or in fuel poverty.
The scheme will launch in April 2023 and run for the next three years.
Grant Shapps, UK’s business and energy secretary, said: The government put immediate help in place to support households in the wake of global energy price rises caused by Putin’s illegal march on Ukraine.
Today, we launch the first of many measures to ensure the British public are never put in this position again as we work towards an energy independent future, he said.
A new ECO scheme will enable thousands more to insulate their homes, protecting the pounds in their pockets, and creating jobs across the country, he said.
Commenting on the announcement, Sam Rees, senior public affairs officer at the Royal Institute of Chartered Surveyors (RICS), said: RICS has called for a more targeted approach towards energy efficiency funding for several years.
This announcement is timely, and we welcome the government’s support for residential retrofitting, he said.
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, he said.
Funding in this space should help ease these financial concerns and get this crucial aspect of the net zero agenda back on track, Rees said.
He said: 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.