Bill’s Insulation News – Coming soon…ECO325th July 2018
ECO3: No, this isn’t set to be the 2018 Summer blockbuster and there are no box sets available to buy if you wanted to catch up on ECO and ECO2. ECO3 is short for Energy Company Obligation and the ‘3’ refers to the third ‘version’ if you like, of this Government scheme. It’s all about trying to reduce the amount of energy our homes need for keeping you warm, comfortable and healthy…without it costing you a fortune. One way this can be done is making sure your home has properly insulated walls and roof, and that your heating is working in the best possible way. We call this – installing energy efficiency ‘measures’.
The Government knows it costs a lot to heat and power your home, so when it announced the results of its ‘ECO3 consultation’ yesterday, it said it’s going to help those households who are most in need. Those who are really struggling to pay their bills, or who may have someone living at their property who suffers from a disability and might need a bit more heat and power than others, by providing more funding for energy efficiency measures
The Government document is very long, as you’d expect, but we’ve read through it all and summarised it into 10 key points:
1. Energy efficiency funding for households NOT receiving benefits will END on 30th September 2018 (this is under an existing scheme called CERO – or Carbon Emissions Reductions Obligation). The ONLY exception to this, is if a household still qualifies for energy-saving measures under its local authority’s Flexible Eligibility scheme – see point 6 below
2. From 1st October 2018, energy efficiency funding will ONLY be available to fuel poor, low income and vulnerable households
3. For every £1 spent by the Government, almost £4 is expected in lifetime savings from energy efficiency measures installed
4. Those who receive disability benefit and / or child benefit will also be able to access funding
5. 6.5m households will be able to benefit from this scheme thanks to the removal of income caps on existing benefits for Universal Credits and Tax Credits and the new benefit additions.
6. Flexible Eligibility – this is a part of the scheme which empowers local authorities to decide which local households can receive energy efficiency support and under ECO3, this will continue.
7. 15% of the new scheme will support those living in rural communities
8. 10% of the programme will be for new and innovative energy efficiency products to be installed, this supports Governments Clean Growth Strategy
9. For landlords – if your properties are rated EPC F or G, you’ll only be able to have high cost energy efficiency improvements installed under the scheme. If your properties are rated E or above, you’ll be able to have almost any appropriate measures you like
10. ECO3 has also allowed for a total of 35,000 new heating systems to be installed in homes where the current heating doesn’t work very well, or is broken. Further systems could also be made available if a home has an appropriate high cost insulation measure installed at the same time.
So that’s it in a nutshell, but you don’t need to worry about the detail, our Energy Saving Advisors can work out exactly what you’re entitled to. The key things to remember and act on are:
• If you don’t receive any benefits, call us NOW to get your energy efficiency measures installed before the ‘CERO’ funding runs out on 30th September 2018.
• If you do receive benefits, also call us now to be first in the queue when ECO3 launches on 1st October 2018.