Some one million homes and hundreds of businesses will receive funding to support the extreme energy costs in the UK.
The government have announced that a staggering £6 billion will be put towards fighting the soaring energy bills and reducing energy use amid the cost-of-living crisis.
This government’s announcement comes after the COP28 climate summit deal, which was agreed upon amongst world leaders in the United Arab Emirates.
In a bid to reach net zero goals by 2050, the funding will reduce emissions and provide families with a range of heating options.
Through efficient energy measures, including using insulation for roughly 500,000 homes, the UK would have made a significant step towards the 2050 net zero goals.
According to Clair Coutinho, the Energy Secretary for the UK, the funding “will help those who are most in need and keep around a million more families warm during winter”.
Hundreds of businesses will also benefit from the grant, which will introduce thousands of heat pumps.
Heat pumps are becoming increasingly “cheaper and quicker to install”, Greg Jackson, the CEO of Octopus Energy, explained.
Jackson also noted that considering heat pumps allow for an easy transition to green energy, “it is clear this technology is the heating of the future”.
The CEO of Octopus Energy said that there has been a “rocketing demand” for heat pumps since the effects of COVID-19 and Brexit propelled the UK into a cost-of-living crisis.
As a result of the rising popularity of heat pumps, and in a bid to meet customer demand, Octopus Energy has planned to hire a staggering two thousand new engineers next year.
As part of Prime Minister Rishi Sunak’s bid to win back the trust of fellow COP28 member-states after they reportedly “noticed” his backtracking on goals, the grant for heat pumps has been increased by a further 50 per cent.
After measuring the success of Sunak’s £7,500 heat pump grant, the move could lead to an additional £1.5 billion in funding towards installing heat pumps in homes – according to the government.
The financial pledge targets 200,000 social homes across the UK, to assist low-income households with the transition towards the modern and clean heating systems that are an inherent part of becoming a net zero nation.
“Everyone deserves to live in a warm, energy-efficient home,” Coutinho said.
The Energy Secretary also explained: “We have already made excellent progress with nearly 50% of properties in England now having an Energy Performance Certificate of C, up from just 14% in 2010”.
Investing in efficient energy sources and energy security “is the only way to stop ourselves being at the mercy of international gas prices”, said Chancellor of the Exchequer Jeremy Hunt.
The soaring energy bills are “one of the main drivers of inflation”, Hunt added.
Hunt went on to note that the funding will boost the support for “households and businesses across the country to make greener choices in a way that doesn’t add a burden to working people”.
The green energy support has also been followed up by new plans that will see all new homes and buildings zero-carbon ready from 2025 – saving families and businesses future costs.
The new building regulations come under the Future Homes and Buildings Standards, which was recently launched by the government for consultation.
The government’s support for transitioning towards greener homes will also reduce carbon emissions by at least 75 per cent – according to energy specialists.
Mike Thornton, the Chief Executive at Energy Saving Trust revealed: “Improving the energy efficiency of our homes and accelerating the electrification of heat are both vital for reducing our reliance on imported fossil fuels, achieving the UK’s net zero targets and permanently lowering people’s energy bills.”
