Did you know that the fourth phase of the Government’s Energy Company Obligation called ECO4 is currently accepting applications from homeowners?
Here we explain the grants and the changes that have been made to the scheme. So grab a cup of coffee and get ready to learn everything there is to know about ECO4!
The Energy Company Obligation (ECO) is a scheme that requires energy suppliers to improve energy-efficiency in UK homes while also tackling fuel poverty. It has been running since 2013, through several iterations, and the current phase is known as ECO4.
This latest phase of the scheme has £4 billion of funding allocated to it and it is expected to run until March 2026.The Energy Company Obligation (ECO) is a scheme that requires energy companies to help households who are struggling with their fuel bills. It is a government initiative that obligates energy companies to reduce carbon emissions and help the UK meet carbon reduction targets.In accordance with the guidelines, under the ECO4 obligation, energy suppliers are to deliver lifetime savings by installing energy efficiency measures that reduce energy usage in homes throughout England, Scotland and Wales.
We estimate that over its four years ECO4 will upgrade around 450,000 homes, most of them to EPC band C, ensuring that current and future households living in those homes will not face fuel poverty. It will reduce household bills by around £290 on average but for the least efficient homes this could be up to £1,600.