Green Homes Grant Scheme

As we move forward out of lockdown and into the the new normal. Chancellor Rishi Sunak has announced a new wave of incentives to kick start the economy. At Life Insurance Cover we always like to promote positive news, especially in 2020. On the face of it, it appears like everyone is reaching for their tape measures and wondering about what can be done with the help of the Green Homes Grant scheme's £5000 energy voucher.

THE GREEN Homes Grant scheme has been announced by Chancellor Rishi Sunak on Wednesday, so could you get a £5,000 energy voucher under the scheme?

Chancellor Rishi Sunak also announced further packages on Wednesday to help the UK economy recover after the coronavirus crisis. Including raising the threshold for Stamp Duty and reducing VAT for the hospitality sector and many more will follow. But for today let’s focus on the Green Homes Grant Scheme.

What is the Green Homes Grant scheme?

The Green Homes Grant scheme will allocate funding to households in the form of vouchers. These vouchers will be worth up to £5,000 per household and will be provided by the Government. The Government will pay at least two-thirds of the cost of home improvements up to £5,000 for energy-saving measures included under the scheme.

This means that the Government will pay approximately £2 per each £1 spent by the householder up to the £5000 limit. It will be means tested so the poorest households could receive up to £10,000 from the scheme. For the worst of households the government will pay the full costs of implementing greener home improvements.

How Can I Get The Green Homes Grant?

As the scheme was announced on Wednesday and not due to be live until September, the details have not yet been confirmed.

However…

After reading through Chancellor Sunak’s speech, it would appear that this scheme will be an improvement on the Green Deal: Energy Saving For Your Home. As this was a point of reference within his speech.

Criteria For The Green Deal Scheme:

insulation, such as solid wall, cavity wall or loft insulation

heating

draught-proofing

double glazing

renewable energy generation, such as solar panels or heat pumps

With a helpful Link to simple energy advice to confirm the eligibility of your potential green deal grant.

Who Can Do The Work

Part of the Chancellors speech included the creation of greener jobs, which would suggest trades people or companies will have to be accredited. While we encourage this at Life Insurance Cover, it is possible that some work completed may not meet the required standard. We will always encourage checking the credentials of a trades people/companies. The easiest to navigate is Trust A Trader.  

Is It Limited To Homeowners?

The short answer is No. The Green Homes Grant Scheme is open to homeowners and landlords. So if you are living in a rented property, the landlord has no reason to refuse the scheme. This will encourage lower energy costs for almost everybody, putting more money in your pocket rather than spending on energy.

At Life Insurance Cover we will continue to keep watch as the Green Homes Grant Scheme evolves. Once the criteria and further details are released, we will do another post. If you would like to keep up to date with upcoming article’s like this one. Please like the Facebook Page or follow the other social media channels.