On 8th July, Chancellor Rishi Sunak unveiled a £2 billion Green Homes Grant Scheme, which is part of a wider £3 billion renewable plan to help the country rebound from the pandemic. Homeowners and landlords can apply for vouchers from September that will cover nearly two-thirds of the cost of updating their property. Could you get a £5000 voucher under this scheme? ⭐Financial News⭐Home Improvement
The Government has been proactively designing schemes and grants to help the UK economy stay afloat amid a crisis. The “Billion Pound Support Package” announced by the Government in April was aimed at providing financial relief to the startup owners. While delivering Summer Economic Update in Parliament, Chancellor Rishi Sunak has announced a £2bn Green Homes Grant. It will help create employment opportunities in the construction sector while reshaping the economic and environmental landscape of the nation.
This measure will have a positive and long-term impact on the economy while reducing household energy bills and greenhouse gas emissions. Carbon dioxide emission is expected to be cut down by more than half a megatonne a year. The government expects that the Green Homes Grant Scheme will make over 650,000 homes more energy-efficient and support around 140,000 “green jobs.”
We will discuss:
- What is the Green Homes Grant Scheme?
- How does it work?
- What about renters?
- What home improvements can help you get the vouchers?
- How can you get the vouchers?
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What is the Green Homes Grant Scheme?
- Rishi Sunak has announced a total grant of £2 billion for energy-efficient home renovation. So, each household can apply for a £5,000 voucher under a £3 billion drive announced recently to support 140,000 jobs for greener homes, hospitals and schools. The remaining funds of £1 billion will be spent on making schools and hospital environment-friendly. Approximately half of the funds will go to some of the poorest households, which can access vouchers up to £10,000.
- This initiative is aiming to help more than 100,000 existing jobs who work in the building and construction sector. Also, it will create tens of thousands of new jobs.
How does it work?
- Homeowners can apply for this scheme online. Under this scheme, the Government will pay at least two-thirds of the cost of home improvement up to £5,000 for energy-saving measures. While households with low income may not have to contribute anything for making energy-saving home improvements. They may receive grants up to £10,000.
- Suppose, you have spent £6,000 on installing insulation and double glazing. You will have to pay £1,980 only. The government will contribute the remaining amount of £4,020.
- Government is aiming to reduce greenhouse gas emissions to net-zero by 2050 and by providing grants to the public to adopt “greener habits” – the mission has jet started.
What about renters?
- Renters will not be able to apply for grants under this scheme. There are nearly 8.5 million homes in the social and private rented sector. Shadow Secretary of the State for Energy and Climate Change has said that the funding initiative is not comprehensive. And to achieve the target of a greener nation by 2050, the nation needs a “much broader and bigger-scale strategy”.
- But, there’s a good side to every story. As more and more landlords are expected to make their homes energy-efficient, renters will be able to save their money. Also, it will improve the current housing standards across the nation.
What improvements can help you get the vouchers?
A comprehensive list of home improvements that will help you qualify for the vouchers has not been shared by the Government yet. The list is expected to cover a wide range of energy-efficient improvements. Listed below are a few confirmed home improvements that qualify under the scheme:
- Double glazing (windows, doors)
- Cavity wall insulation
- Roof insulation
- Replacing old boilers
- Heat pumps
- Loft conversion
How can you get the vouchers?
- The scheme is expected to launch in September. Online applications will be made available after the successful launch of the scheme. Homeowners will have to apply online and they have to mention the improvements or repairs they are planning to carry out. They will be directed to accredited local suppliers who will provide a quotation. If the project gets a nod, a voucher for the Government’s share of the expense will be approved.
How can a home improvement loan help you?
- These are unprecedented times. Many people have lost their jobs while the majority of us are on a pay cut. If you have a tight budget and you think you cannot afford to pay your share of the expense – you can use an unsecured home improvement loan.
- An unsecured home improvement loan doesn’t need to be backed against your home. You can get a loan starting from £1,000 without any collateral. The repayment can be spread over several months.
- At LoanTube, you can compare personal loans for home improvement at a real interest rate. Fill in our straightforward loan application form and submit it. Our lenders (FCA authorised) will assess your application and within seconds you will receive quotes from them. Remember, with us, the rate you see is the rate that you will get.
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