This initiative comes as the government cracks down on carbon emissions in order to reach the 2050 net-zero targets and will significantly reduce fossil fuel consumption as well as slashing energy prices.
And the pressure is on. It is estimated one in three homes will require an electricity upgrade which could total to over 60,000 pumps to achieve net-zero.
However, the cost to replace a gas boiler and other insulation costs can quickly stack up and is likely to total more than what the government is offering as installing a heat pump can cost up to £18,0002 depending on the type installed and the size of a property.
This is a particularly difficult challenge for homeowners of pre-1900 or ‘period properties’.
Research from specialist lender, Together, highlights the eco-changes pre-1900 homeowners are willing to make to ensure their homes contribute to a greener future.
Scott Clay, distribution director at Together, said: “With April 1st just around the corner, the grant, though small, will be welcomed at a time when households are facing rising energy amid the cost of living crisis. However, many will still have a hefty set of expenses on their hands as the cost of retrofitting older homes and installing insulation is largely underestimated.
"Our own research found the average pre-1900 homeowner would only be willing to spend £5,480 to implement enough eco-changes to make a real difference. It is important that homeowners have a clear understanding of their home’s energy efficiency rating now and start deciding how they can implement eco-changes over time that work within their budget.”
