Eco reform could cut utility bills by £475
Monday, 03 Dec 2007 10:39
Eco reform could cut utility bills by £475
Domestic utility bills could be cut by an average of £475 annually if eco improvements are made, according to a new report.
Research by Friends of the Earth and the Co-operative Bank, carried out as part of the Big Ask environmental campaign, finds a transformation of the domestic energy market to make it more eco-friendly could result in carbon and financial savings.
Changes could cut the average bill by 66 per cent, equivalent to individual savings of £475 annually, or £12.3 billion a year across the country by 2050.
In order to make the savings the report, Home Truths, makes several recommendations:
Introduction of an extensive programme of financial incentives, including grants, low interest loans, green mortgages, stamp duty rebates and a reduction in VAT on energy efficiency measures to five per cent.
Introduction of a feed-in-tariff system which rewards households that fit low or zero carbon technology (LZC), such as solar panels and wind turbines, with a guaranteed premium price for any electricity they sell back to the grid.
Introduction and enforcement of minimum energy standards for homes and appliances.
The report finds carbon emissions could be cut by 80 per cent by 2050 if the changes are made.
At present UK homes account for 27 per cent of the UK's carbon footprint.
"This report sets out a win-win scenario. It shows that we can make huge cuts in emissions from UK housing and that we can do this in a way which cuts household bills, wipes out fuel poverty and ensures everyone has a warm, comfortable, low-carbon home," said the report's author, Dr Brenda Boardman.
"The government needs to drive this transformation. It needs to provide the political commitment and financial support to turn this report into reality."