To get the UK to net zero by 2050 we all need to work together to reduce our carbon footprints. To help achieve this, the Government have plans to give homebuyers a 50% stamp duty rebate. To be eligible for this you would need to install a heat pump into your home, as well as other energy efficient changes.
…the Government have plans to give homebuyers a 50% stamp duty rebate…
These plans have already been successfully tried and tested in Finland, as the country now has one of the highest rates in Europe for heat pumps installed in homes. Think Tank, Onward, believe that this scheme could also benefit the UK as many of our homes are poorly insulated. The UK has also been slow to change over to heat pumps and Onward claim that this incentive could encourage people to make the swap.
The Think Tank also claims that carbon emissions can be reduced up to a third through individual action and therefore the Government need to “think creatively about new forms of intervention which can encourage people to make the required changes.”
Many have criticised the incentive, claiming that due to the high prices of heat pumps, in regard to both purchasing and installing, the stamp duty rebate they receive would have to be substantial enough to cover the cost. In most cases this would not be enough.
Experts have stated, however, that those with a heat pump are saving money in the long run, especially now the price of gas and electricity has risen considerably.
