Fri, 22 Jan 2021
YOU may have heard homeowners in England can access vouchers worth up to £5,000 to help fund energy-efficient home improvements under a new Government scheme which launched at the end of September, writes Roger Knight from Newbury Building Society.
Under the scheme, homeowners and landlords in England can apply for vouchers worth up to two-thirds of the cost of upgrading the energy-efficiency of their current home – such as double glazing to replace single glazing and low-carbon heating systems.
The maximum contribution you can claim is £5,000, however, households on low incomes will have access to claim £10,000.
So, what do you need to know?
There is a time limit; although originally planned to run for six-months, the scheme is now available until 2022 with the Government stating that all work must be completed by the end of March 2022.
You will receive a separate voucher for each measure you wish to install.
Work can begin once you have received your voucher as work prior to this cannot be claimed.
The grant is suitable for most – but not all.
You may be eligible if you live in England and own your property (including long leasehold and shared ownership), own your own park home on a residential site and if you’re a residential landlord.
Renters will not be able to access the scheme.
New builds which have not been previously occupied and non-domestic properties do not qualify for the scheme.
Only specific home improvements are eligible; to qualify for the grant, you’ll need to install what the Government calls ‘primary’ measures.
These include insulation improvements and installing low-carbon heating systems.
If you invest in at least one primary improvement, you’ll also be able to claim for ‘secondary’ measures such as replacing single glazing with double or triple glazing, draught-proofing your home, installing energy-efficient doors and connecting heating controls.
It’s worth noting the amount you get towards the cost of secondary measures cannot exceed the amount you received for primary measures.
Ultimately, managing your energy use will not only improve the efficiency of your home, but you’ll be contributing to a lower carbon future.
What’s more, there are specific ‘green’ mortgages which can help fund any changes.
Newbury Building Society has a Green Further Advance mortgage available for existing mortgage customers which can be used for this purpose and in conjunction with the grant.
If you’d like to talk to a qualified mortgage adviser about your options, contact Newbury Building Society today.
Roger Knight is the lending manager at Newbury Building Society. Visit www.newbury.co.uk for further information.