A £1.5 billion grant to fund energy upgrades could slash annual bills by up to £620 for a quarter of a million low-income households, a report from Energy UK suggests. This is based on reassigning existing funding from the Warm Homes Plan, rather than seeking additional cash.
The proposed 'Energy Upgrade Grant' would cover the installation of measures like solar panels, battery storage systems and modern heating solutions in eligible properties, according to Energy UK's research.
The initiative aims to address both energy affordability and the transition to a greener economy. By helping households generate their own power and reduce reliance on traditional energy sources, it seeks to shield vulnerable families from price fluctuations while contributing to net-zero targets.
Energy UK's report argues that consolidating funding for energy upgrades could lead to quicker results than previous government plans, with tangible savings for those most in need. This is particularly important given the ongoing cost of living crisis, exacerbated by high energy prices.
The proposal will now be reviewed by relevant government departments, including the Department for Energy Security and Net Zero, as policymakers explore long-term strategies for energy security and affordability.