What is it?
The Green Homes Grant scheme will see households receive vouchers worth up to £5,000 to use on environmentally-friendly additions such as, low-energy lighting, double glazing, energy-efficient doors and insulation.
According to the treasury the scheme will work by the Government paying for at least two thirds of the cost of any home improvements that will save energy up to that value. The hope is for hundreds if thousands of homeowners to take advantage of the scheme so that it can maximise its desired effect on the UK economy.
How will it help the homeowner?
Insulation for your household would’ve been a worthwhile investment before the scheme was put in place, especially if the homeowner is planning on staying in the house for a long time. Environmentally friendly additions to your home can save you hundreds of pounds every year on energy bills and these just add up every year. With the Green Homes Grant scheme a homeowner can save all that money on energy bills and not have to shell out a fortune for it, an opportunity that should be grasped with both hands.
How will it help the economy?
Well according to Business Secretary Alok Sarma it will have a great effect on the economy, helping us start to dig out of the hole that the Covid-19 pandemic dug for us. Sharma told BBC Breakfast- “What it ultimately means is lower bills for households, hundreds of pounds off energy bills every year, it’s supporting jobs and is very good news for the environment.”
The idea is that people will have more money in their pockets for the next few years to come and will be more likely to spend that money in shops rather than on energy bills. What’s more the construction industry will also greatly benefit from all of the extra work.
How will it help the environment?
The average UK household is spending more and more each year on gas to keep their homes warm, in 2019 the figure was 2.9% higher than it was in 2018. This continuous rise in price is partly down to graduale inflation of the pound so that has to be taken into account. However, it is mainly due to the fact that we are using more and more gas each year as the average house is simply outdated and needs to be up to modern standards of energy saving technology.
Making hundreds of thousands of homes more eco friendly will greatly reduce the overall carbon footprint of both the individual home owners who install these home improvements, and the UK in general.