Leeds City Council, Lloyds Banking Group, and Arup have been successful in their bid for the Green Homes Finance Accelerator
The Green Homes Finance Accelerator will enable the testing and advancement of financial products designed for improving building retrofit, energy efficiency, and comfort for homeowners.
The Department for Energy Security & Net Zero has also granted additional funding through the Net Zero Innovation Portfolio (NZIP). This financial support will play an important role in helping the council fulfil its Net Zero Homes Plan.
“Helping homeowners to access and afford energy-saving green upgrades for their own properties is a big piece of the puzzle when it comes to ending Leeds’ contribution to climate change,” said Helen Hayden, executive member for infrastructure and climate.
“That’s why developing innovative solutions which make that possible was a key commitment of the Net Zero Homes Plan that we announced earlier this year”.
Helping homeowners improve efficiency and save money
One of the key commitments within the plan is the creation of a user-friendly centralised platform that provides reliable guidance and accessible financing options for homeowners.
Retrofitting homes, the practice of modifying existing buildings to decrease energy consumption and emissions, is a vital approach to addressing both climate change and affordability challenges. Developing a solution that simplifies this process will allow homeowners and tenants to enjoy the economic and environmental advantages of having a more energy-efficient home.
A recent report by the Building Research Establishment (BRE) highlighted the need for a strategic retrofitting programme to address nearly 30% of substandard housing in England. The report reveals the potential £540m annual cost to the NHS due to poor housing, emphasising the health risks and identifying 700,000 excessively cold homes.
The Green Home Finance Accelerator will benefit 1000 households
Through the Green Home Finance Accelerator grant, they hope to make retrofitting simpler and more attractive for homeowners. The project aims to help around 1,000 households improve their energy efficiency. This can be achieved through scalable and replicable energy efficiency, retrofit, and finance products.
The aim of the initiative is to establish a prototype One-Stop Shop (OSS) solution that can be replicated and expanded for widespread use. The OSS is designed to offer customers an easy experience, enabling them to discover home solutions.To address the issues of high costs, complexity, and supplier scarcity, the consortium is offering targeted retrofit options and financial solutions. Green Home Finance Accelerator funding will be used to design and test Property Linked Finance and smart tariff technology as part of the OSS retrofit project.
The OSS considers the specific needs of each property, as well as their desired timeline and budget. This can include individual upgrades or comprehensive packages.
“We have worked closely with our partners to conduct in-depth user research, which identifies what the priorities are for a project of this type. Retrofitting homes is critical at the moment as we tackle both climate change and the cost of living,” said Stephen Cook, urban energy leader and director from Arup.
“By devising a solution that makes the process more straightforward, adaptable and cost-effective, it will help encourage more homeowners and tenants to reap the multiple benefits of a more efficient home,” he concluded.
