If you own your own home, there is every chance that you will be eligible for Chancellor Rishi Sunaks Green Homes Grant and the great news is that as of November 18th, the deadline has been extended to 31 March 2022.
But what exactly does this mean for you? The Green Homes Grant is a government investment initiative to encourage homeowners and landlords to make their dwellings more environmentally friendly. The grant covers up to two thirds of the cost of a range of predetermined home improvements that result in greater energy efficiency for your home.
The great news for you is that not only will these measures improve your home’s energy efficiency, but also your home’s value. And going green will ultimately save you money on your monthly energy bills so it’s a win win situation.
Whilst the maximum voucher you can receive towards the cost of improvements is currently £5,000, the good news is that if anyone in your home is currently receiving benefits, this amount can go up to £10,000.
The Government is expecting to issue up to £2bn worth of vouchers and this money need never be paid back by the recipient. However, there are certain limitations and it’s important that you complete the work before the grant expires in March 2022.
In addition to this, in order to receive your grant you must install at least one primary improvement which includes:
- Insulation: including solid wall, cavity wall, underfloor, loft or roof insulation.
- Low-carbon heating: including air-source, ground-source and hybrid heat pumps, solar thermal systems and biomass boilers.
There are also a number of secondary improvements that you can then apply for should you still be under the threshold for each household of £5,000. The first steps are to obtain quotes from a Green Homes Grant-registered installer in order to apply for your grant.
Peter Field is a financial analyst and has written for InvestingReviews.co.uk covering topics from pensions, savings, investments and ISAs. His knowledge of the Investment market has proven invaluable, making his unbiased views and opinions open and honest for everyone. In 2021 Peter retired and is working towards enjoying more of the outdoors with his beloved labrador Millie.