Financial incentives for energy improvements

Are you missing out on financial help for energy-efficient home improvements in 2021?

By Hugh Metcalf | 22 December 2020

Despite the demise of the Green Homes Grant, there are several financial incentives and eco-funding available for eco-friendly home improvements. But according to Viessmann, which surveyed 1,000 adults in the UK, only 6.9 per cent of respondents either currently use, have used, or plan to use any form of these schemes. Thousands of households are missing out on saving money and taking up the incentives to make their homes more environmentally-friendly.

The Renewable Heat Incentive (RHI)

This financial incentive provides payments for qualifying renewable heating technology. This includes energy generation methods such as solar thermal panels, biomass boilers and heat pumps.

The scheme sees those eligible receive quarterly payments for up to seven years for homes and 20 years for businesses. How much heat you generate sustainably determines size of the payments . Installation costs for these renewable technologies is high. But lower energy bills and payments from the RHI offsets this initial outlay with savings made over time.

How to apply

To find out whether you’re eligible and to apply for the incentive, head to the government’s Domestic Renewable Heat Incentive page. The deadline for domestic RHI is March 2022.

Despite the demise of the Green Homes Grant, there are several financial incentives and eco-funding available for eco-friendly home improvements. But according to Viessmann, which surveyed 1,000 adults in the UK, only 6.9 per cent of respondents either currently use, have used, or plan to use any form of these schemes. Thousands of households are missing out on saving money and taking up the incentives to make their homes more environmentally-friendly.

The Renewable Heat Incentive (RHI)

This financial incentive provides payments for qualifying renewable heating technology. This includes energy generation methods such as solar thermal panels, biomass boilers and heat pumps.

The scheme sees those eligible receive quarterly payments for up to seven years for homes and 20 years for businesses. How much heat you generate sustainably determines size of the payments . Installation costs for these renewable technologies is high. But lower energy bills and payments from the RHI offsets this initial outlay with savings made over time.

How to apply

To find out whether you’re eligible and to apply for the incentive, head to the government’s Domestic Renewable Heat Incentive page. The deadline for domestic RHI is March 2022.

Image: Viessman

The Energy Company Obligation (ECO) scheme

Launched back in 2013, The Energy Company Obligation scheme makes energy suppliers in the UK partly responsible for ensuring households are energy efficient. This means that your energy supplier could pay for measures such as wall insulation and even replacing your boiler.

The current scheme, called ECO3, runs until March 2022. It is focused on households with lower income or those living in fuel poverty or vulnerable situations. It’s thought that there are around 6.5 million households currently eligible for the scheme. Any energy supplier with more than 150,000 customers automatically falls under the scheme. So, even if you aren’t with one of the big six providers you could still be eligible.

How to apply

You’ll need to contact your energy provider directly to apply for this scheme. You can find a list of all those who qualify for ECO on the ofgem website.

The Electric Vehicle Homecharge Scheme

The Electric Vehicle Homecharge Scheme (EVHS) provides financial incentives of up to £350, per household, towards the cost and installation of a home charging point for an electric vehicle. It applies to those installed after April 12 2020. The scheme includes electric cars, vans and motorcycles. This is a reduction on the rate previously set for the EVHS. But the government estimates that twice as many people will be able to make use of the scheme. The hope is that this leads to an increase in the uptake on electric vehicles.

How to apply

To qualify, you must have bought an eligible electric or plug-in hybrid vehicle, or leased one for at least six months. You must have off-street parking and you must install an OLE approved chargepoint.

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