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Green Deal Home Improvement Fund Closes

Just a few weeks after the Green Deal Home Improvement Fund was announced it has closed. On 24th July, the HIF, which allowed homeowners to save up to £6000 on installing insulation, ran out of funds.  The government budgeted 120 million for this scheme and and twitter has been going mad with news that in it’s last two days 80 million of the fund was used, cue conspiracy theories about insulation suppliers buying the vouchers to sell at a higher rate later. More info here

So how can you save money on installing insulation now?

The energy saving trust has a link for landlords where you can save up to £1500 on tax paid on energy saving measures for each house you rent out. A lower rate of VAT is also applicable to any energy saving work to an existing house. If the house is new it’s VAT free. More info here. Another way is by upgrading existing external walls while having a kitchen extension for example. The house will already be messy and builders will be on site, so it will be cheaper for them to just add to a job. Of course, DIY internal insulation is quite feasible, if you have the time. I would really emphasise that breathable insulation is a must on solid wall properties. For more on breathable insulation have a look at my other post.

August 1, 2014