The UK government announced the launch of its new Warm Homes Plan, aimed at helping to reduce home energy bills by providing access to clean energy technology and efficiency upgrades including solar panels, batteries, heat pumps and insulation.
As part of the new initiative, the government said that the plan will include £15 billion government investment, aimed at rolling out upgrades to 5 million homes by 2030.
According to a government statement, the new plan comes amidst record demand for home clean energy products such as solar panels and heat pumps, which are coming down in cost, but remain out of reach for many homes.
Prime Minister, Keir Starmer, said:
“A warm home shouldn’t be a privilege, it should be a basic guarantee for every family in Britain. Today’s plan marks a turning point. It will help to slash energy costs and lift up to a million people out of fuel poverty.”
The new Warm Homes Plan includes initiatives targeted at low-income families, as well as a universal offering. For low-income households, the new plan includes £5 billion of investment to provide free of charge packages of upgrades for homes, while the universal package will offer government-backed, zero and low interest loans to install solar panels, as well as for batteries and heat pumps, in addition to providing a £7,500 universal grant for heat pumps. According to the government statement, the new plan will triple the number of homes with solar panels on their rooftops by 2030.
Home upgrades available under the plan’s zero and low-interest loan initiative include photovoltaic and thermal solar panels, ground source and air source heat pumps, home and heat batteries, smart controls, wall, floor and roof insulation, and draught proofing.
The plan also includes a new aim to ensure that at least 70% of heat pumps installed in are made in the UK, and triples the government’s investment in the heat pump supply chain to £90 million.
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
