Energy-saving measures could boost UK economy by £7bn a year, study says

(EurActiv, 20 Sep 2022) Exclusive: Green home upgrades could also create 140,000 new jobs by 2030, analysis by Cambridge Econometric finds.

Insulating homes in Britain and installing heat pumps could benefit the economy by £7bn a year and create 140,000 new jobs by 2030, research has found.

But the uptake of these energy-saving measures depends heavily on government policy, according to analysis by Cambridge Econometrics, commissioned by Greenpeace.

Currently, ministers have little planned to encourage households to take up home insulation, though the chancellor, Kwasi Kwarteng, is expected to make a major announcement on the economy and energy crisis on Friday.

Through the boiler upgrade scheme, the government offers households up to £5,000 towards a heat pump, which is roughly half the cost. But take-up has so far been slow. To gain the government incentive, households must meet a high standard of home insulation, which can cost from £7,000 to £15,000, and for which there is currently no government support for the average homeowner.

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EurActiv, 20 Sep 2022: Energy-saving measures could boost UK economy by £7bn a year, study says