Energy-saving measures could boost UK economy by £7bn a year, study says
Insulating homes in Britain and installing heat pumps could benefit the economy by £7bn a year and create 140,000 new jobs by 2030, research has found.
But the uptake of these energy-saving measures depends heavily on government policy, according to analysis by Cambridge Econometrics, commissioned by Greenpeace.
Currently, ministers have little planned to encourage households to take up home insulation, though the chancellor, Kwasi Kwarteng, is expected to make a major announcement on the economy and energy crisis on Friday.
Through the boiler upgrade scheme, the government offers households up to £5,000 towards a heat pump, which is roughly half the cost. But take-up has so far been slow. To gain the government incentive, households must meet a high standard of home insulation, which can cost from £7,000 to £15,000, and for which there is currently no government support for the average homeowner.
Doug Parr, the chief scientist at Greenpeace UK, said: “The UK is in an economic, energy and climate meltdown. Yet the government continues to shun the green home upgrades that offer a viable way out of this mess. It’s truly baffling.”
The economic boost forecast in the Cambridge Econometrics analysis, entitled Economic Impacts of Decarbonising Heating in Residential Buildings, and published by Greenpeace on Tuesday, comes mainly from savings on soaring energy bills and the creation of green jobs, and the positive impact on the rest of the economy from freeing up people’s spending.
There are also health and social benefits, as people living in under-heated homes are more prone to illness, while lifting people out of fuel poverty improves their wellbeing and the education prospects of children.
Parr said: “Greening the UK’s homes at
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