The Green Home Finance Accelerator is making £20 million available in funding to lenders and other organisations to progress energy efficiency. It is going to allow for the development, testing and piloting of new lending products to help homeowners overcome the up-front cost of retrofit. These lending schemes will open up options for efficiency upgrades that people otherwise would not have been able to afford.
How will it help?
The Green Home Finance Accelerator will open up the option of retrofit to a whole new group of homeowners. Thousands of people who could not afford it before will now have the option of upgrading their homes to be warmer and more efficient. This is going to improve the energy efficiency rating of dwellings all over the country. As a result, the value of these improved houses also rises, given that a BEIS study concluded that houses with an EPC rating of C sell for 5% more than those with worse ratings. In addition, less energy is wasted each year, which benefits the environment. Also, reducing the energy wasted by our housing stock will help fight the energy crisis in a big way.
Lord Callanan commented on the matter, saying:
Green finance products will allow households with greater means to spread costs over time, empowering them to be able to invest in their properties, improving their energy efficiency and resale value.
Today’s funding will give more companies in the financial sector the opportunity to create and offer these products, and in so doing help households reap the benefits both in the investment to their properties, and in the savings they can make on their energy billsMinister for Business, Energy and Corporate Responsibility, Lord Callanan
How do businesses apply?
The GFHA competition opened to applications on 18/10/2022. Any UK-based business may apply as long as they are able to prove that their proposal is fit for purpose. Further information on how to apply is available on the Green Home Finance Accelerator Website.
How do I get involved?
This is one of many schemes that point towards retrofit as a big part of the solution to our energy problems. If you would like to look into getting involved in retrofit professionally, please consider our online Retrofit Course. You can book your space online or call us on 0333 012 0002.