Forbes Advisor’s UK Editor and financial expert, Kevin Pratt, reacted to the Government’s proposed new £1billion ‘Eco Plus’ household grant scheme, saying:
“This initiative has the potential to benefit millions of households, who will be able to increase the energy efficiency of their homes by installing products such as loft insulation and smart heating devices. That means lower levels of energy consumption, which translates into lower bills.
“Figures from Energy Saving Trust suggest it costs around £640 to insulate the loft in a semi-detached house, with immediate annual savings of £355, meaning the outlay would be earned back in two years. And if the government is stumping up 75% of the cost, all the better.
“The government is helping consumers out in the short-term with support on energy bills via the Energy Price Guarantee and other financial measures, but this step towards more energy-efficient homes is also likely to benefit households in the long run.
“However, a previous government scheme – the Green Homes Grant in 2020 – closed after just six months, with consumers finding the process complex and inflexible. So, while this support could go a long way to ensuring homes waste less energy in the future, communication needs to be clear to the public on how households can apply for it to ensure a higher uptake.”
