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29.06.20

More energy efficient homes and industries thanks to £80m boost

Nearly £80m in Government investment has been announced today (June 29) by Energy Minister Kwasi Kwarteng to help reduce carbon emissions from homes and businesses.

A wide range of programmes are set to benefit from the funding, including heat network trials, and schemes that can reduce the cost of retrofitting properties using the latest energy efficiency technologies.

Of the £80m, £30m will be for the first phase of the Industrial Energy Transformation Fund (IETF), helping car factories, steel plants and other energy intensive manufacturers to cut carbon. The IETF, worth an eventual £289m, will allow companies with high energy use to apply for grants to fund energy and carbon reducing technologies.

£25m will be dedicated to heat networks which reduce carbon and cut heating bills for customers, including the use of geothermal technology in Gateshead, that will harness energy from disused mines to heat 1,250 homes. Experts forecast that this technology has the capacity and potential to power six million homes around Britain once scaled up.

Finally, the remaining £24m will go on innovative projects to develop and deliver energy efficient homes through the installation of green tech and insulation. These include £14.6m on heat pump roll-out to 750 homes, £7.7m for green technology and insulation in over 300 council homes and £1.8m to accelerate green home finance products by lenders.

READ MORE: Renewable energy heating up South Tyneside

READ MORE: The Green Glimmer of Hope - Phillp Dunne MP

Energy Minister Kwasi Kwarteng said:

“We want to invest now to ensure we continue to propel the UK towards a stronger, greener future.

“This new £80 million investment will help to reduce emissions across our economy, which will save people money on energy bills and protect jobs in heavy industry.”

 

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