Manchester partnership to deliver energy-efficiency upgrades to thousands of homes

A new partnership between Greater Manchester Combined Authority (GMCA) and the Green Finance Institute (GFI) will help thousands of households to improve their energy efficiency.

The pair will provide practical and financial advice to homes across the region, as energy bills rise to record levels, leaving many across the UK struggling to cope.

The partnership will also identify capital, provide financial assistance, and encourage local communities to make energy efficiency improvements.

This is part of the GMCA’s goal to deliver its Retrofit GM, a three-year strategy to retrofit 60,000 homes each year through innovative financial solutions.

Councillor Martyn Cox, Lead for Green City Region and Waste, said: ‘It’s clear that the need for action to address the climate emergency is urgent and in Greater Manchester we’re committed to doing everything possible to play our part. A key part of this is lessening how reliant our homes are on high carbon fuel and making them more energy efficient.

‘However, it’s crucial that as we become greener, we become fairer, so people are not left behind. That means making sure people are less reliant on carbon intensive energy at home, whilst reducing their energy bills. This partnership will look at doing just that, and will find the funds and support people need to help them make the changes we need to see.’

Research by the GFI has found consumer demand for retrofit is growing, with 9 in 10 people saying they think energy efficiency is ‘important’ or ‘very important’, up from 83% last year.

Housing in the UK is the second biggest source of carbon emissions too, meaning it is critical energy demand is lowered so net zero targets can be met.

However, a lack of available finances means property owners are unable to take the appropriate measures, such as insulation and low-carbon heating.

GMCA and the GFI plan to address this by helping homeowners and landlords to access private and blended capital to fund energy efficiency upgrades, lowering energy bills and supporting Manchester in reaching carbon neutrality by 2038.

GFI will work with financial institutions, retrofit specialists and local organisations to pilot a series of financial solutions.

These include a Property Linked Finance scheme, issuing Local Climate Bonds to allow residents to invest in net-zero, and the development of Green Mortgages, Demand Aggregation Financing and Green Rental Agreements.

Photo by KWON JUNHO