Earlier this year the Chancellor announced a package of green recovery measures worth around £3 billion. Two-thirds of this money will be allocated for energy efficiency home improvements. Starting today, all home-owners in England will be able to apply for vouchers worth up to £5,000 to cover two-thirds of the cost. Those on benefits such as universal credit or those eligible for housing benefit can apply for grants of up to £10,000 covering 100% of the cost.
What Measures are Covered?
To qualify for an award the homeowner (including private landlords) will need to apply for some form of insulation - loft, underfloor, solid wall or cavity wall - or a heat pump - air or ground source, or a solar water heating system. Other measures are then available such as double/triple glazing to replace single glazed windows, energy efficient doors or heating controls.
|Air Sourced Heat Pump|
To provide initial help and advice to homeowners, the government have set up a free advice service - Simply Energy Advice
Unfortunately the scheme does not seem to cover the instalation of traditional solar PV panels or battery storage. I am hoping to move house later this year and I was thinking of adding solar so I was disappointed to see this was not included. However I will look into the heat pump option which looks interesting. This initiative should provide a boost to green businesses...including one of my portfolio holdings NIBE (UK).
The grant work should be completed by March 2021 but this date could be extended in the run up to the UK hosting COP 26 later that year.