While the stamp duty holiday and ‘Eat out to help out’ scheme stole the headlines in Chancellor Rishi Sunak’s Summer Economic Update in early July, an overlooked incentive was the Green Homes Grant scheme, where homeowners and landlords will be able to apply for vouchers towards the cost of energy-saving improvements to their properties.
Under the scheme, the government will fund two thirds of the cost of energy-saving improvements up to £5,000 per household, and the full cost of up to £10,000 for low income households.
This is part of a £3bn green investment package set out by the government with the aim of supporting around 140,000 green jobs, while upgrading buildings, cutting emissions and reducing household energy bills in the long run.
When does it start and how do you apply?
From September 2020, homeowners and landlords will be able to apply for vouchers to make energy-saving improvements such as loft, wall and floor insulation. The scheme will be available for 12 months up until the end of August 2021.
To apply for vouchers, you’ll need apply online via the government website, where you’ll be directed to accredited local suppliers who will then provide a quote. Once the work is approved, a voucher for the government’s share of the cost will be issued.
Ben Beadle, chief executive of the National Residential Landlords Association, said: “Improving the energy efficiency of rental housing is good news for tenants, landlords and local economies. We encourage all landlords to make use of this as it will mean housing standards are improved, tenants will save money and it will reduce carbon emissions across the whole sector.”
Energy-saving improvements can also add value to your property, and you may decide to complete other works alongside the green changes. It may therefore be a good time to look at remortgage options for your property.
Contact us to discuss this in more detail.
Sarah Tucker, mortgage broker and founder of The Mortgage Mum