Insulation Could Boost the Economy

Sep 30, 2022 | Environment News, General News

A new report produced by Cambridge Econometrics on behalf of Greenpeace has concluded that a government-backed program to insulate homes and install heat pumps could inject £6.8 billion into the economy by 2030.

Amidst the cost of living crisis & soaring energy bills, the benefits of home insulation are bigger than ever – something which we’ve spoken about previously – How Does Insulation Help Cut Energy Bills?

However, not only will it help on an individual level, but it will also, as the report says, potentially inject huge amounts of money into the economy, and potentially create almost 140,000 new jobs too.

The report used economic modeling to map out the effects of the Climate Change Committee’s recommendations.

These recommendations include upgrading the energy efficiency of all homes, by installing wall, loft, and floor insulation as well as double glazing, to a minimum of Energy Performance Certificate (EPC) C standard over the next 10-15 years, and ramping up the deployment of low-carbon heat pumps so that installations reach 900,000 per year by 2028.

The report finds that scaling up the delivery of these green home upgrades could provide huge economic and social benefits – including to those on a low income, and those who tend to be most exposed to the risk of fuel poverty – while also easing the cost of living and climate crises by slashing bills and carbon emissions.

Key Findings of the report include:

  • At current rates, gas prices will remain high until 2030, whilst electricity will stabilise in 2026
  • Improved home insulation & energy efficiency will result in households having more money to spend on non-essentials, boosting the economy.
  • Increased disposable income will create jobs in sectors such as retail and hospitality
  • The bulk of the 138,400 new jobs will come from the manufacturing and installation of these energy efficiency measures.
  • At current, the UK has some of the worst insulation and heat pump numbers in Europe.

As big advocates for home insulation and the amazing benefits, it can bring, we can’t help but agree with the message behind the study.

In our local area of Mansfield, we have already seen the benefits that a government-backed scheme can bring, as part of our with Mansfield District Council which grants free insulation to any homeowner earning less than £30,000 per year.

For more information regarding the home insulation options available to you, please don’t hesitate to contact our friendly team, who will be more than happy to help.