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Energy efficiency measures could be a big boost for the UK as a new study shows that installing green house upgrades such as heat pumps and thermal insulation could add a staggering £7bn a year to the country’s economy. An analysis by Cambridge Econometrics commissioned by Greenpeace also showed that these measures would also create about 140,000 jobs by the end of the century.
However, the researchers warn that public policy is critical to ensure that households take these measures, especially since many of them have high upfront costs.
The Energy Saving Trust estimates that a typical air source heat pump installation could cost the British £6,000 to £8,000, and a ground-source heat pump installation could cost £10,000 to £18,000, depending on the amount of heat required.
So far, the government has done little to insulate homes, although these measures will bring additional savings as gas prices rise.
However, current Prime Minister Kwasi Kwaten is expected to make an important announcement on Friday about the economic and energy crisis.
Through the government’s boiler retrofit programme, households can receive up to £5,000 to purchase and install a heat pump, roughly halving the cost.
However, acceptance has been slow as the latest government data shows BUS received 4,337 voucher applications between May 23 (when it launched) and the end of July 2022.
One factor that can prevent families from receiving support through the BUS is that in order to qualify, families must meet high standards for home isolation.
These measures can cost between £7,000 and £15,000 and there is currently no government support for the average homeowner.
Greenpeace UK Chief Scientist Doug Parr told the Guardian: “The UK is in an economic, energy and climate crisis. Yet the government continues to shy away from green housing upgrades that offer a viable way out of this mess. It’s confusing.” ”
The economic growth predicted by Cambridge researchers in a report titled “The Economic Impact of Decarbonizing Residential Heating” is driven in large part by savings from rising energy bills, freeing up spending and creating green jobs.
In addition, these measures have health and social benefits, as people who live in houses with insufficient temperatures are more likely to get sick, and lifting people out of fuel poverty (when they spend most of their income on energy bills) can improve their well-being. Existence.
Dr Parr said: “Rapid and massive greening of homes in the UK will cut energy use, bills and carbon emissions. This will provide tens of millions of households with warmer homes that are cheaper to run and help limit the catastrophic effects of the climate crisis.
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“It could kick-start the economy by almost £7bn by the end of the century, as the UK approaches recession.”
According to the model used, by 2030 the government would need to spend around £4.2bn to support heat pumps and thermal insulation, while households would need to spend £9.3bn. However, households will also save £11bn this year by lowering heating costs.
The researchers found that from 2022 to 2030, the total initial investment needed by the government for plans to subsidize insulation and improve heat pump installations is around £27.7bn.
Greenpeace has urged Mr Kwarteng to allocate £7bn over the next two years to refurbish green homes while providing additional fuel-poor support through a windfall tax on oil and gas companies.
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