‘Building the Future’ hits the nail on the head
ACE today welcomed the publication of ‘Building the Future: the economic and fiscal impacts of making homes energy efficient‘. This report, by Verco and Cambridge Econometrics for the Energy Bill Revolution, sets out clearly how making our homes more energy efficient is an infrastructure investment that delivers high Value for Money through reduced energy bills and NHS costs, increased tax revenue for the Government, higher employment, increases in company profits and carbon emissions reductions.
When the Prime Minister tried to justify the government’s decision to block a binding European energy efficiency target last week, he focused on the need to reduce carbon emissions ‘at the lowest possible cost for businesses and consumers‘ As demonstrated by the report, energy efficiency investment goes beyond the Prime Minister’s requirement and actually delivers net benefits for businesses (£15bn in cumulative, additional (discounted) profits to 2035, consumers (£8.6 billion per year) and the Government itself (£1.27 in tax revenue for every £1 invested).
Achieving the level of energy efficiency improvement modelled in the report will require policy action to invest on behalf of low income households and to support investment by able-to-pay households, and we urge Mr Cameron to honour his commitment to energy efficiency, and back up his commitment to carbon emissions reduction with the action needed to deliver it at net benefit to the UK.
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