Last week, Chancellor Rishi Sunak delivered his Summer Economic Update, which included a circa £3 billion green investment plan. The intention behind this is to boost employment following the COVID-19 pandemic, with an expectation of around 140,000 green jobs being created, as well as to cut carbon emissions by an estimated half a megaton a year. Whilst the detail on the plan is somewhat limited at this stage, we do know that the budget can be broken down as follows:
- £2 billion Green Homes Grant which allows homeowners and landlords in England to apply for vouchers to cover at least two thirds of the cost of energy efficiency home improvements, up to £5,000 per household (low income home owners can claim 100% of the cost up to £10,000)
- £1 billion to fund works to improve the energy efficiency of schools, hospitals, prisons, military bases and other public buildings
- £50 million to cut carbon from social housing and retrofit insulation, double glazing and heat pumps.
Exactly what will be eligible for grants is yet to be confirmed but we expect full details to published before the Green Homes Grant scheme opens in September 2020. In the meantime, it is worth landlords, social housing providers and operators of public buildings reviewing their assets and considering whether they intend to make any improvements which may qualify for funding. We will provide a further update when more detail is available.