An energy-efficient home is good for the environment, but it also has the added perk of slashing your energy bills. If you are looking to make your home more energy efficient, Martin Lewis has a tip for how to get £5,000 toward any improvements with the governments Green Homes Grant scheme.
The £2 billion grant scheme was officially announced in July by Chancellor Rishi Sunak. The scheme starts in September and will cover at least two-thirds of the cost of any environmentally-friendly home improvements, up to £5,000 per household.
If you were looking to make use of the scheme for home improvement there are a few catches. In his latest MoneySavingExpert.com Money Tips email, Martin Lewis explained what improvements will be covered by the scheme.
‘The Government has now released more details on its Green Home Grant, including eligibility and what it covers,’ Martin explained. ‘Those who just planned on getting double glazing will miss out.’
The government has said that to claim the vouchers, homeowners need to be installing insulation or low carbon heating at the same time. However, homes that already have those features can use the vouchers to get top ups. For example, additional loft insulation. But it can’t be used to replace what is already in the the property.
So if you are installing insulation or low carbon heating you will be able to use the voucher on other improvements. Martin Lewis listed the other improvements the government has included in the scheme as draught proofing, double or triple glazing, energy efficiency doors and heating controls and insulation.
If you do plan on making these updates the funding is capped at the valuation of the cost of the insulation or low carbon heating.
Martin Lewis’ Green Homes Grant advice
‘Planning on getting insulation? Hold off – the Chancellor’s announcing a new up-to-£5,000 voucher scheme,’ Martin wrote in his July MoneySavingExpert.com Money Tips email.
‘The government’s set to unveil it’s new Green Homes Grant scheme for England, allowing eligible homeowners to use vouchers to pay for environmentally-friendly improvements such as loft, floor and wall insulation.’
For example, the Treasury explained that a homeowner installing a cavity wall and floor insulation that costs £4,000, would only pay £1,320. The Government would cover the remaining £2,680.
The Government says that these improvements could save families hundreds of pounds on their energy bills.
How will the Green Home Grant scheme vouchers work?
Homeowners will be able to apply for the vouchers online when the scheme launches in September.
When applying, households will need to outline what improvements they’d like to make. They will also be required to give details of accredited local suppliers who will need to provide a quote.
Once a quote has been provided and the work approved, a voucher will be issued.
‘Our Green Home Grant will not only cut families’ bills by making their homes more energy-efficient,’ said Chancellor Rishi Sunak. ‘It will also kick-start our economy by creating thousands of green jobs – and supporting those skilled tradespeople who are ready to work.’
Take advantage of the scheme and start doing your research for any home improvements that could make your home more energy-efficient.