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It has been widely reported Chancellor Rishi Sunak will be announcing a £3billion green package on Wednesday. The new initiative is one of many the Government is planning to help the UK economy recover after the coronavirus crisis.

What is the Green Homes Grant Scheme?

According to The Sun, the Green Homes Grant Scheme will allocate funding to households in the form of vouchers.

These vouchers will be worth up to £5,000 per household and will be provided by the Government.

It is thought the Government will pay at least two-thirds of the cost of home improvements up to £5,000 for energy-saving measures included under the scheme.

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This would mean the Government would pick up a minimum of two-thirds of the costs, while the homeowner would be responsible for paying the remaining third.

But according to Business Secretary Alok Sharma, the poorest households could receive up to £10,000 from the scheme towards costs of implementing greener home improvements, and would not have to pay anything at all.

It will be possible to use these vouchers for household repairs and improvements which are environmentally-friendly.

For example, the vouchers can be used for double glazing windows, low-energy lighting or insulation for your home.

As part of the Government’s £3billion plan, it is thought the Green Homes Grant Scheme will account for £2billion of this budget.

The Government has been under increasing pressure to support the UK economy, which has taken a significant hit due to COVID-19.

Mr Sharma spoke to BBC Breakfast about how the scheme will help Britain to recover.

He said: “What it ultimately means is lower bills for households, hundreds of pounds off energy bills every year, it’s supporting jobs and is very good news for the environment.”

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How will the scheme work?

The Green Homes Grant Scheme is expected to launch in September of this year.

Once the scheme is open, people will be able to apply online to receive Government funding for improved eco-friendly measures to be implemented in their homes.

The application will also provide details of accredited suppliers in the local area.

Once a quote for home improvement work is provided, the voucher will then be issued by the Government.

What other plans will Rishi Sunak announce on Wednesday?

There have been a number of reports of what the Chancellor could announce in the new “mini-budget” on Wednesday, July 8.

The Government is expected to pledge to provide 30,000 new traineeships for young people in England, and there could be a short-term VAT cut to help the hospitality industry.

There have also been reports the Chancellor could allocate £500 vouchers to adults and £250 vouchers to children to encourage spending.

A holiday on stamp duty could also be announced on Wednesday.

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