Cost of insulation ‘repaid in three years’
The end of the Carbon Emission Reduction Target (CERT) does not mean that people can no longer benefit from the installation of insulation, the National Insulation Association has highlighted.
The government’s energy efficiency scheme, which provided all households with access to free and subsidised cavity wall and loft insulation, came to an end on December 31st.
However, homeowners can still benefit from substantial savings by having the energy efficient improvements carried out on their home, the NIA notes, with the initial outlay repaid in the space of three years.
The organisation has pointed to Energy Saving Trust figures, which show that installing both cavity wall insulation and loft insulation costs £800, on average.
Though the initial outlay may appear substantial, the combined savings on energy bills equate to £310 per year, meaning the cost of installation is repaid within 36 months of the work being carried out.
From here on, the return on investment will stand at around 40 per cent a year, which compares favourably to interest rates on savings account, the NIA highlights.
More options available
Though the CERT has now come to an end, a number of schemes have been launched to support people in making energy efficient improvements to their properties, including the Affordable Warmth initiative, which enables vulnerable people or those on benefits to access free insulation and other energy-saving measures.
Another option for householders is the Green Deal Cashback Scheme, launched last month, which gives people in England and Wales the opportunity to claim £250 cashback from the government on the installation of cavity wall insulation and £100 on loft insulation, on a first-come, first-served basis.
Although Green Deal finance is not required to obtain the cashback, those wishing to benefit from it must have a Green Deal Assessment carried out and completed by a Green Deal Provider.
Households in Scotland can also benefit from assistance with the cost of insulation, as the Scottish Government’s Green Homes Cashback Scheme provides property owners with up to £500 towards funding energy efficiency measures, as long as they have been recommended by a Green Deal assessor or in an Energy Performance Certificate.