The UK Government has issued a statement claiming that they will soon launch a new fund that will help to encourage homeowners to choose affordable green finance products in order for them to lower their carbon footprints.
The government is also encouraging lenders to start innovation in the green finance sector, so that families can lower their energy bills whilst they also lower their carbon emissions. This means that banks, building societies and other companies within the finance industry will receive support to help them create more green finance products. These new products will be designed in order to help homeowners lower their carbon emissions by increasing the energy efficiency of their homes.
Through the Green Home Finance Accelerator, lenders and other financial organisations will be able to access the £20 million set aside to help develop these products. The money will go towards testing, developing, piloting and creating new green finance products, which will help financial businesses within the UK to increase their knowledge about green finance and how these products work.
The UK Government have already
issued a cap on energy costs.
The UK Government have already issued a cap on energy costs, due to the energy crisis, therefore from now until April next year (2023), energy bills for the average UK household are capped at £2,500 a year. With an additional £400 discount on energy bills for all UK households.
The less energy efficient you home is on the Energy Performance Certificate (EPC) rating, the more money you are likely to spend on your energy bills. The UK Government hope that this new funding and support will help homeowners to access green finance products to increase the energy efficiency of their homes and lower their energy bills.