We talk about ECO funding a lot here at Green Deal First, but we understand that before people make the decision to apply they need to see the pros and cons. While we think ECO3 is absolutely great, we understand that everything comes with drawbacks, which is why the team has put together a list of pros and cons, to help you understand exactly what you’re applying for.
Pro: cheaper bills and better boilers
When the government launched the ECO3 scheme, their aim was to provide 35,000 disadvantaged home owners with discounted or free home heating a year. Fitting homes with insulation and more energy efficient boilers, the cost of energy bills stands to be reduced by £400.
Con: lots of people are missed
As a result of the annual cap of 35,000 households, as well as the rule that any households above the cap must also require insulation, many financially disadvantaged people miss out on the help they desperately need.
Pro: it’s designed to fight climate change…
Installing newer and more efficient boilers in almost 1 million homes between 2013 and 2022, the ECO3 scheme will help the government save around 1.8 million tonnes of CO2e (carbon dioxide equivalents), as the older a boiler is, the more energy they waste and fuel they require to heat up water and homes. This helps the UK fight against climate change, especially as ECO rules that coal boilers will no longer be fitted.
Con: …but they install gas boilers
Although coal boilers have been ruled out by ECO, gas boilers are still being installed, which use fossil fuels and as a result, are harmful to climate change.
Pro: it’s easy to see if you qualify…
Finding out if you qualify for ECO funding has never been easier. Simply go to the Ofgem website to see if you qualify.
Con: …but it’s not free for everyone who does
Some people do qualify for a free boiler and/or insulation, but still find themselves needing to cover the cost of the installation, or at least contributing towards it.
Pro: it holds the ‘Big Six’ accountable
Fines will be given out to any of the ‘Big Six’ companies who aren’t fulfilling their obligation to provide consumers with their target savings. Utilita for example, were fined £175,000 by Ofgem in 2019, after depriving their consumers of £30,000 in energy savings. This money went into the Energy Redress Scheme, to help disadvantaged people meet their energy needs.
Con: private tenants don’t qualify
New scheme rules introduced in 2020 mean that private tenants do not qualify for the grant funding.
We hope this guide has outlined some of the key pros and cons of applying for the ECO scheme, allowing you to make an informed decision as to whether or not it is worth it to apply. Of course, if you do make the choice to go ahead with your application, please don’t hesitate to get in touch with Green Deal First. We will be more than happy to support you in your application.