Alongside benefiting individual households, a shift away from relying on fossil fuels would also bolster the UK’s energy security and generate significant savings on a national scale.
In fact, UK households could spend at least £35billion less on heating and car travel in an electric future than they do at present.
The ECIU conceded that low-income households will need support in order to be able to purchase clean technologies, but noted that “they are becoming increasingly accessible as prices fall.”
For example, alongside offering £5,000 grants for heat pumps, the Government is working with industry to try to reduce their cost, which can lay anywhere between £4,000–10,000, by half by 2025 and down to parity with gas boilers by 2030.
Experts have found that 4.8 million of the 28 million homes in the UK are suitable for heat pumps, while 8.4 million would only need minimal changes such as the introduction of cavity wall and loft insulation, which also serve to cut heating bills on their own.
On the electric car front, while the Government has ceased to offer grants of £1,500 to help consumers make the transition from fossil fuels, the second-hand market is offering affordable options for many, the ECIU said.
In fact, 40,000 electric vehicles changed hands in 2021, up 119 percent over the previous year.
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