Nick explains the UK’s Energy Company Obligation (ECO) scheme, a government initiative to boost home energy efficiency for low-income and vulnerable households. He covers the scheme’s purpose, eligibility criteria, and application process, highlighting the roles of energy suppliers, retrofit assessments, and local authorities. Nick also addresses common misconceptions, warns about misleading lead generators, and offers practical advice for landlords and tenants seeking grants for energy upgrades.
KEY TAKEAWAYS
The Energy Company Obligation (ECO) is a government scheme aimed at improving energy efficiency in homes, particularly for low-income and vulnerable households, and it is overseen by Ofgem.
Homeowners and tenants may qualify for ECO grants if they receive specific benefits, such as Universal Credit or Pension Credit. However, landlords cannot apply on behalf of their tenants; tenants must initiate the application process.
ECO grants are not traditional grants; they may require some financial contribution from the homeowner or tenant, and the level of funding varies based on the energy supplier's discretion.
The ECO Flex scheme allows local authorities to refer households that may not meet the standard eligibility criteria but still require energy efficiency improvements, providing a potential workaround for those in financial hardship.
Residents should ensure that any installation company they consider is Trustmark registered, as energy suppliers are not responsible for verifying the credentials of the installers they work with.
BEST MOMENTS
"I'm actually qualified to do retrofit assessments, so I know it's a lot more in-depth than what you get with a normal energy performance certificate."
"Strangely, I had someone knock on my door before—literally, I'm talking half an hour ago—saying, 'You may be eligible for an ECO4 grant.' I wasn't interested, and I shut the door in his face because as soon as he mentioned 'grant,' I knew he was talking nonsense."
"I never liked this sharing data, to be honest with you."
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HOST BIO
Nick is an award winning property investor, voted Fastest Newcomer 2022 by Premier Property, and is an accredited Retrofit EPC Assessor. He sources and renovates properties for himself as well as other investors. While doing this he has developed his own systems for efficient investment, such as developing his own methods to save time when viewing properties and estimating market values and potential returns, costing out renovations.
He spends three months of the year abroad and while there continues his business with use of modern technology and his proven systems.
Location freedom has always been his "Why" for being a Property Investment and has now reached his ideal of the colder months spent in Thailand and the rest of the time in the UK, all while continuing to run his business
This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/
