The UK could see economic benefits of £8.7 billion if it invested in making homes more energy efficient.
That’s according to new research, which suggests an ambitious energy efficiency programme could also help the UK reduce gas imports by 26% and create up to 108,000 jobs.
The findings from Frontier Economics come as a coalition of 50 businesses, including Kingfisher, Energy Saving Trust and Co-operative Energy, are calling on the government to make energy efficiency an infrastructure spending priority.
The call for action comes as the government is finalising its spending plans ahead of the Spending Review when £100 billion is expected to be allocated to support infrastructure projects in the next five years.
The businesses claim if just £3 billion is invested in an energy efficiency infrastructure project, it could help establish a “world leading” programme if combined with current funding streams.
Ed Matthew, Director of the Energy Bill Revolution said: “Today’s research is clear: investing in energy efficiency offers significant net economic benefits to the nation, comparable to infrastructure investments in roads and railways.
“A major energy infrastructure programme would boost GDP growth, reduce the UK’s reliance on gas imports and help deliver a net increase in employment across the country. It would also have the additional benefit of keeping energy bills down, reducing health costs and warming up the homes of the fuel poor.”
Earlier this year the government announced it would stop funding the Green Deal Finance Company to install energy efficiency measures across the UK.