Money Wellness
Image of a house with solar panels on the roof
calendar icon18 Jan 2024

Households to save on energy bills through new government support

The government has given £16 million of funding to support new projects across the UK that aim to help families save money on their energy bills.

One scheme offers instant electricity bill savings through a new solar panel subscription service. Rather than upfront costs of installing solar panels, the Electric Roof project will enable households to pay monthly, which will also cover monitoring and maintenance. It will also include access to ‘smart tariffs’ allowing households to save on energy costs at different times of the day.

Twelve different projects have received funding through the Green Home Finance Accelerator programme, which supports new ways of giving households access to funding to improve their home’s energy efficiency.

Another is E.ON, which is launching Energy as a Service, a one-stop-shop for energy advice and funding for up to 350 households using low-carbon technology, such as heat pumps, solar panels and battery storage.

While Chameleon Technology HTC-Up projects, which is offering homeowners bespoke green loans and cashback rewards to help make their properties more energy efficient.

As well as, Scroll Finance Limited, which will pilot a project to uses home equity to provide loans to cover upfront costs of installing energy saving measures in a flexible and affordable way.

And Perenna, a company that wants to provide long-term, fixe rate ‘green mortgages’ to incentivise homeowner to make their homes more energy efficient by offering reduced mortgage rates.

Lord Callanan, Minster for Energy Efficiency and Green Finance said: “When energy bills reached record highs, we stepped in to lessen the burden on hardworking families across the country.

“But we haven’t stopped there, and these innovative projects will allow more families to save money and cut emissions.

“We are always looking to test progressive ways to make energy saving measures more accessible and affordable, allowing people to make their homes greener and warmer.”

Avatar of Caroline Chell

Caroline Chell

Caroline has worked in financial communications for more than 10 years, writing content on subjects such as pensions, mortgages, loans and credit cards, as well as stockbroking and investment advice.

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