A new report published today (30 October) claims an ambitious home energy efficiency investment programme could increase UK GDP by £13.9bn per year by 2030.
The programme claims it will add £13.9bn annually to the UK economy by 2030, with GDP boosted by £3.20 for every £1 invested by the government.
The national scheme to make homes super energy efficient could result in energy savings per year of £8.6bn by 2030, an average of £372 per household.
After taking into account loan repayments, this could result in £4.95bn in financial savings per year for Britain’s households.
The research, commissioned by the Energy Bill Revolution, also claims the scheme would pay for itself within the decade as the Treasury would receive £1.27 in tax revenue for every £1 it invested.
It could also cut carbon emissions from homes by 23.6 million tonnes per year by 2030.
Energy Bill Revolution director Ed Matthew said: “We have one of the most badly insulated housing stocks in Europe, and as a result a truly woeful record on winter deaths and fuel poverty.
“Fixing Britain’s badly-insulated homes won’t just save lives, it will provide a massive economic boost to the UK economy and it pays for itself. There is now an overwhelming case for it to be made a top infrastructure investment priority.”