Martin Lewis shares update on £10,000 voucher scheme to spend on property – expert tip

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Martin Lewis has offered advice on the government’s Green Homes Grant. Speaking on ITV’s Martin Lewis Money Show: Live, he revealed what the scheme is and if it’s worth it.

The expert explained details on the Green Homes Grant scheme which launched yesterday.

How does it work?

In July, Chancellor Rishi Sunak explained some Britons would be able to get government funding for energy-efficient home improvements.

Homeowners in England can now apply for vouchers to make their homes more energy efficient.

The vouchers will aim to cover at least two thirds of the cost, which is up to £5,000 per household.

Those in low-income households could even get up to £10,000.

Martin said: “It gives you a grant for labour materials and VAT with up to £5,000 of free money, you don’t have to repay it. If you’re doing something that costs £7,500, you’ll pay £2,500 and the government will give you £5,000.

“Some people on benefits can get up to £10,000, and then the whole cost is covered. This applies to all owner occupiers and residential landlords.”

What can you use the grant on?

Primary improvements

The expert explained: “The first ones are the primary improvements and you need to get at least one of those. This must be new or a top up to what you’ve got already; it cannot be a replacement of what you’ve got already.”

Secondary improvements

Those who sign up for a primary improvement can also get a secondary improvement, Martin explained.

He said: “If you get and qualify for one of those, then you can get up to the same amount for a secondary improvement. This is the one most people are talking about with windows and doors.”

Secondary improvements include draught proofing, double or triple glazing to replace single glazing or heating controls and insulation.

Is it worth it?

Whether the scheme is beneficial will depend on the individual circumstance.

One viewer asked: “I want to have a double glazing installed and that’s a secondary measure. For my primary measures, I could get a top up on loft insulation but I’m not that keen to get it. Is it worth it?”

The expert explained signing up for the scheme is not always worth your while.

Martin said: “Now, if the price for the double glazing was exactly the same through this scheme as elsewhere, then it’s worth getting the loft insulation.

“Even if you don’t really want it that much it would be cheaper if you go through the scheme.

“But if the price of the through this scheme is more expensive than getting it directly, it may not be worth it. So it all depends. If it’s like for like, going through this scheme is basically the answer.”

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