Improving the energy efficiency of your property is not an easy task. Whether you are a landlord, owners or tenant it could be time consuming and very expensive. Fortunately there are a series of funding options available, to help you with this challenging project.
1. HEEPS: Cashback Scheme
HEEPS: Cashback scheme is a funding scheme created by the Scottish Government and available to properties with council tax bands A to C. Through it occupiers, tenants and private landlords can claim back up to £5,800 that have been invested towards energy efficiency measures in their property. To qualify for the Cashback Scheme, a pre-install Green Deal Advice Report must be created and all measures must be recommended in it. Different amount is available for different categories:
- Installation of a new boiler – up to £500
- Insulation measures – up to £400
- Draught proofing/ secondary glazing – up to £300
- Installation of solid wall insulation – up to £4,500 (or 75% of the total costs)
For households that classify as remote or in rural areas additional premiums are available. In the case of installing at least one measure and claiming funding, applicants can receive up to £100 to be used towards obtaining a Green Deal Advice Report.
2. HEEPS: Loan Scheme
As part of the HEEPS: Loan Scheme applicants can get access to a loan up to the value of £10,000. The loan is interest free and must be used towards installing energy efficiency measures such as wall insulation, new boiler, double glazing, etc. The loan repayment period is flexible depending on the amount borrowed, with larger loans being repaid over a maximum period of 10 years.
3. Renewable Heat Incentive
The UK Government has set up a Renewable Heat Incentive (RHI) scheme that aims to increase the uptake of renewable technologies within UK households and businesses. The scheme consists of regular financial incentives over up to 7 years. Eligible applicants are those who have installed or intend to install a renewable heating technology. First of its kind in the world, the RHI scheme is expected to contribute to the long term aim of the UK Government to have 12% of heating being produced by renewable sources by 2020.
4. Feed-in Tariffs
If you are considering installing or have already installed a system generating renewable energy like wind turbine or PV you can apply for the UK Government’s Feed-in Tariff (FIT) scheme. Accepted in April 2010, the scheme aims to encourage the adoption of small-scale technologies focused on renewable or low-carbon electricity generation. The support is available in Scotland, Wales and England for a period of up to 20 years. For more information visit http://www.energysavingtrust.org.uk/domestic/feed-tariff-scheme .
5. Green Deal
Introduced in January 2013, the Green Deal is a financing mechanism that helps people make energy improvements and then find the most efficient way to pay for them through the saving they make. This is achieved through a system in which the loans are repaid through the energy bills. This way the loan is transferred with the property and the current owners or tenants become liable for repaying it. It is available in the domestic and non-domestic sectors.
Through the Energy Company Obligation (ECO) scheme launched in 2013, large UK energy suppliers are obliged to deliver energy efficiency measures to domestic properties. Depending on the suppliers’ domestic gas and electricity market share they are allocated a part of the overall ECO targets set by the Government. Achieving these ECO targets is a three-part process that includes Home Heating Cost Reduction Obligation, Carbon Emissions Reduction Obligation and Carbon Saving Communities Obligation. For more information on the ECO scheme visit http://nexusenergysolutions.co.uk/.
There are a couple of loan schemes available to SMEs. Under the SME Loan Scheme enterprises can access a fixed loan of £1,000 to £100,000 that is to be used towards reducing their carbon emissions. Under the District Heating Loan SMEs with under 250 employees, local authorities, social landlords and ESCOs get access to loans up to £400,000. These have a low interest rate and are targeted at developing local, affordable energy.
At Nexus Solutions we can provide expert advice regarding all available funding opportunities that can help you improve your property’s energy efficiency. Visit our website to learn more about our services and contact us to discuss how we can help.