UK Encouraged to Accelerate £6 Billion Investment in Home Energy Efficiency

A think tank has warned that the UK's ambitions for clean energy are in danger of being undermined by a lack of investment in home efficiency measures such as heat pumps and improved insulation.

According to the Institute for Public Policy Research, the government must fill a £5.8 billion ($7.1 billion) void in green home investment. To do this, they suggested that the investment should be expedited and implemented immediately instead of two years from now.

Josh Emden, the lead author of the report, emphasized the importance of insulating and decarbonizing our homes. He stated that this could help to reduce energy bills, create jobs, level up the country, reduce energy demand, and improve energy security. He also noted that in the current cost-of-living crisis, the investment needed to be proportionate to the benefits and crises that we face.

The amount of insulation in British homes decreased drastically after the government reduced its financial support.

The Institute for Public Policy Research has proposed the creation of a government service that would provide information and financial assistance for retrofitting homes.

Last week, the government was urged by former Energy Minister Chris Skidmore of the Conservative Party to speed up its plans for the transition to a net-zero power sector by 2035 and the elimination of emissions by 2050. According to Skidmore's review, Britain is not investing enough in projects that would be beneficial to both the economy and the environment.

A review conducted in the United Kingdom has suggested that a dramatic shift in attitude and approach is needed in order to effectively tackle climate change. The review has highlighted the need for a step change in the way we address this global issue.

In November, Chancellor Jeremy Hunt declared that £6 billion would be allocated to insulate homes and upgrade boilers. This investment is expected to help the UK reach its environmental objectives, while also reducing energy costs for households and decreasing the need for imported fuel. However, this funding will not be available until 2025.

A parliamentary committee recently expressed disapproval of past attempts to introduce energy efficiency initiatives and suggested that ministers should focus on improving the insulation of homes. The Local Government Association has estimated that the cost of energy lost due to inadequate insulation in homes will amount to nearly £13 billion between now and October 2024.