The Social Housing Decarbonisation Fund and Home Upgrade Grant will receive £1.4 billion in collective funding, with an additional £1.1 billion in match funding provided by local authorities, social housing providers, and charities.
The aim is to upgrade homes with energy-saving measures such as loft insulation and new windows, with a particular focus on off-gas grid homes and vulnerable households with an Energy Performance Certificate rating of C or below.
This initiative could save tenants up to £400 per year on energy bills and support around 20,000 jobs in the construction and home retrofit sectors, the Department for Energy Security and Net Zero has said.
Grant Shapps, the Energy Secretary, stated that this initiative is a “huge investment” that will not only help households save hundreds on energy bills but also boost job creation and economic growth in the green sector.
Lord Callanan, Minister for Energy Efficiency and Green Finance, added that this funding allocation is empowering public bodies to save taxpayers’ money while helping the UK achieve its climate goals.