Government has unveiled a new £1bn scheme aimed at bringing down energy costs by providing new home insulation. Set to launch in 2023, the new ECO+ scheme will extend support to those who are currently ineligible for other government funding for energy efficiency improvements by rolling out low-cost insulation measures such as loft and cavity wall insulation.

Some 80% of the new funding will be made available for homes with an EPC rating of D or below, as well as homes that fall into the lower council tax bands. Around a fifth of the fund will also be targeted towards the most vulnerable to energy price hikes, including those on means tested benefits or in fuel poverty. The scheme will launch in April 2023 and run for the next three years.

Grant Shapps, the UK’s business and energy secretary said: “The government put immediate help in place to support households in the wake of global energy price rises caused by Putin’s illegal march on Ukraine. Today, we launch the first of many measures to ensure the British public are never put in this position again as we work towards an energy independent future.

“A new ECO scheme will enable thousands more to insulate their homes, protecting the pounds in their pockets, and creating jobs across the country.”