Source · Select Committees · Environmental Audit Committee
Recommendation 11
11
Deferred
Paragraph: 68
Respond to consultation and rapidly introduce proposals for low-cost home energy improvement finance.
Recommendation
We urge the Government to respond as soon as possible to its consultation on improving home energy performance through lenders which closed in February 2021. Ministers must rapidly bring forward proposals to encourage access to low-cost finance for householders to invest in home improvements which can increase energy efficiency and heat resilience.
Government Response Summary
The government plans to respond to the consultation in 2024. It highlights an existing 'Green Home Finance Accelerator programme' which is supporting the development and piloting of green finance products until March 2025 to inform future policy, rather than rapidly bringing forward new proposals.
Paragraph Reference:
68
Government Response
Deferred
HM Government
Deferred
Government plans to respond to the improving home energy performance through lenders consultation in 2024. Meanwhile, catalysing the market for low-cost green finance remains a priority to help support homeowners ineligible for full grant funding with the upfront costs of energy efficiency and low-carbon retrofit. Our £20M Green Home Finance Accelerator programme, which launched in October 2022, is supporting the development and piloting of a range of novel green finance products and services which will allow UK homeowners to meet the upfront cost of decarbonising their homes and improving thermal comfort. The programme was also designed to help leverage private investment into the home retrofit sector, increasing UK-wide economic opportunities and developing the energy efficiency, low carbon heating, and climate resilience supply chains. Accelerator projects will pilot their products and services with customers until March 2025, and will generate exemplars and case-studies to inform policy thinking and galvanise the wider market.