The Royal Institution of Chartered Surveyors (RICS) has welcomed the announcement that the government will introduce plans next week to fund loft insulation, cavity wall insulation, and smart heating controls.

Business Secretary Grant Shapps said the government had allocated £1 billion for the Eco Plus scheme, which will launch in April 2023, for the next three years.

The government believes that the project will cover efficiency measures for over 70,000 homes and save hundreds of pounds on heating bills annually for consumers.

Sam Rees, senior public affairs officer at RICS, said: “RICS has called for a more targeted approach towards energy efficiency funding for several years. This announcement is timely, and we welcome the government’s support for residential retrofitting. Our research found that due to the cost-of-living crisis, consumers are more cautious about spending money on retrofitting and other measures to improve energy efficiency and save money in the long term. Funding in this space should help ease these financial concerns and get this crucial aspect of the net zero agenda back on track.

“We remind consumers that it is essential that they consult a suitable surveyor before retrofitting their home to ensure that there are no unintended consequences from work undertaken. We hope the government’s promotion of this scheme clarifies this.

“Due to current geopolitical events, energy security is also at the forefront of concerns, and greater energy efficiency helps secure the UK’s energy infrastructure. We look forward to engaging with the specifics of the scheme once fully revealed next week.”