The Great British Insulation scheme is set to enhance support for those on the lowest incomes and broaden its reach beyond other existing government-funded initiatives
Thousands of UK households could be in for a £400 yearly boost to their budgets as the Government rolls out measures to slash energy bills.
Families living in less energy-efficient homes, particularly those in lower Council Tax bands, might qualify for essential upgrades like roof, loft, or cavity wall insulation, which can shave an average of £300 to £400 off their annual energy costs. The Great British Insulation scheme is set to enhance support for those on the lowest incomes and broaden its reach beyond other existing government-funded initiatives.
Since 2010, there’s been significant progress in home energy efficiency – with homes rated EPC C or above jumping from just 14% to 47% by 2022.This new scheme will complement the ongoing Energy Company Obligation (ECO) scheme, which provides free home energy efficiency improvements, including insulation, heat pumps, and solar panels, to low-income families.
Mike Thornton, Chief Executive of the Energy Saving Trust, has weighed in, saying: “Improving the energy efficiency of our homes is a vital part of addressing both the energy crisis and climate emergency. By reducing demand for fossil fuels it provides a triple win long-term solution for cutting energy bills, decreasing carbon emissions and improving energy security.
“The launch of the Great British Insulation Scheme is therefore a welcome development as it will mean more households are eligible for financial support for insulation measures and comes at a crucial time as we approach the colder winter months.”
Eligible homeowners may be able to access funding for various insulation measures, including solid floor, flat or pitched roof, cavity wall, and solid wall insulation, as well as loft, park home, and underfloor insulation. To find out more about the scheme, including eligibility criteria and available home improvement services, visit GOV.UK, where you can find a list of the home improvement services available and whether your property is eligible.
Will energy bills rise again?
Ofgem make an announcement about its next price cap this Friday (November 22). This will be for its January price cap. Ofgem updates its price cap every three months. Energy analysts at Cornwall Insight are currently predicting the January energy price cap will rise by 1% from £1,717 to £1,736 a year for the typical household.
The assessment period for the January price cap is August 19 to November 15, 2024. Ofgem uses lots of different factors to decide its price cap – the largest being the cost of wholesale energy. Other elements include things such as the cost of maintaining pipes and wires that carry gas and electricity, network and operating costs. It also looks at VAT, payment method allowances and profits for the energy supplier.
