Why now is a great time to consider investing in energy measures for your home
June 15 2022
June 15 2022
Improving the energy efficiency of homes will not only support the UK to transition to a greener economy, but also supports households with the rising costs of energy and living.
Properties with higher EPC ratings boast lower energy bills by relying less on gas and oil and instead on solar, hydro and wind.
In April 2022, Chancellor Rishi Sunak announced 0% VAT for energy-saving measures until 31 March 2027 to incentivise investment in renewable energy.
Energy improvements covered under the scheme:
To encourage the uptake of renewable heating, the government have set out a new plan to drive down the cost of clean heat to incentivise people to install more efficient heating in their homes.
The launch of the Boiler Upgrade Scheme replaces the popular Renewable Heat Incentive (RHI) and aims to support owner-occupiers to overcome the upfront costs of low carbon heating technologies.
Fossil fuel boilers are expensive to run and emit harmful pollutants into the atmosphere. An analysis reported that the UK’s home gas boilers emit twice as much CO2 as all power stations.
The new £450 million Boiler Upgrade Scheme will run from 2022 to 2025 to support households with grant funding of up to £6,000 towards the cost of renewable heating solutions.
What’s available:
Eligibility:
A £60 million innovation fund has also been launched to make clean heat systems smaller, easier to install and cheaper to run. Other technologies may include hydrogen-ready boilers.
Properties with the poorest EPC ratings will be most exposed to the relentless increases in wholesale energy prices which has already pushed many low-income households into fuel poverty.
Those with an EPC rating of F will see their annual energy bill rise from £2200 to £3200. To reduce the impact of the energy crisis, we must improve the efficiency of UK homes.
With growing pressures on household finances, an energy efficiency loan could be a great approach to funding energy-saving measures.
Applicants who qualify for grant funding may also be interested in applying for an energy loan to spread the full cost of works if upgrading their heating system to heat pumps or biomass.
At Lendology, our loans funded by local councils are a great option for homeowners looking to invest in improving their homes. This means that we can offer you a low interest rate. Your local council policy will determine who is eligible to apply for a loan and the home works that are eligible. For more information, please contact us.
Representative Example (4% fixed interest rate, Representative 4.2% APR).
Loans are subject to status and are typically protected by a Title Restriction.
