Lower Tax On Energy Efficient Homes, Says Report

A Policy Exchange report says the Government isn’t doing enough to cut energy waste and says tax should be lowered by up to £5,000.

Policy Exchange are a thinktank that works closely with the Government and subsequently, ministers are evaluating the idea. It think its proposed stamp duty change would lead to 270,000 households improving their energy efficiency per year.

“Improving home energy efficiency can save households money, as well as substantially reducing their carbon emissions,” said Richard Howard, author of the report. “Policies which link property values more closely to energy performance could kickstart an energy efficiency revolution in this country.”

The Government also caused a stir last year by pulling the plug on the Green Deal, and made ‘dramatic’ cuts that rocked renewable energy companies, putting approximately 27,000 jobs at risk.

Policy Exchange’s report referenced their cuts, and criticised their actions, asserting that energy efficiency programmes are the most effective and cheapest method of cutting energy bills and meeting carbon targets.

“The UK still has amongst the least efficient housing stock and highest rates of fuel poverty in Europe,” says the report.

Policy Exchange proposes to lower the stamp duty on energy efficient homes, and increasing it on energy inefficient homes, meaning the Government can balance its books.

“The government could nudge people into making improvements to the efficiency of their home, which would not only add a premium to their property but would also reduce their energy bills,” said Howard.

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