[19/05/23] Member News: Snugg secures UK Government (DESNZ) funding to help create a greener future for homeowners
Bayes Centre Member Snugg , the innovative online service dedicated to making energy-efficient homes accessible to everyone, has announced that it has received a significant grant from the Green Home Finance Accelerator (GHFA), a UK Government initiative funded through the Net Zero Innovation Portfolio (NZIP), designed to promote the development of green finance products.
This funding will be utilised to develop a ‘Green Home Hub’ (GHH) that will help finance providers better understand the needs of customers who are considering investing in home energy improvements, such as solar panels and heat pumps, and offer more suitable products.
Snugg’s mission is to make energy-efficient homes simple and affordable for everyone. The GHFA grant is another significant step towards achieving this mission.
The GHFA initiative aligns with the UK Government’s commitment to achieving net-zero carbon emissions, and Snugg was selected as one of 26 Discovery Phase projects nationwide to contribute to this vital cause. Snugg’s participation in the GHFA highlights its commitment to creating a greener future for the UK.
The forthcoming Green Home Hub is an innovative approach to supporting Snugg’s partners, including banks and energy providers. It will provide rich data insights, including:
- High-quality cost estimates (high costs are one of the biggest barriers to people implementing energy efficiency measures)
- Grant application wizard (grants, where available, are often highly complex in terms of what they cover and are very difficult to apply for)
- House value impact modelling (the impact on house price is a significant factor when people decide whether to invest in home energy improvements)
- Plan progress tracking and ‘nudging’ (many people are reluctant to spend significant amounts of money on energy efficiency improvements unless they have confidence that this is a sound investment)
- Fuel savings monitoring (establishing a feedback loop through the smart meter will help people implement their efficiency improvement plans in stages, getting comfortable that each investment has been worthwhile)
- Carbon reduction tracking (creating an opportunity for people to benefit financially from their contribution to carbon reduction)
The Green Home Hub will be licensed to partners, allowing Snugg to extend its reach and make a more significant environmental impact by reaching thousands more homeowners across the UK.
By addressing the barriers homeowners face when considering energy-efficient upgrades, the Green Home Hub aims to help financial providers better understand their customers and develop more suitable products, from mortgages to savings accounts. The goal is to transform energy-efficiency upgrades into a clear choice rather than a complicated decision.
Snugg is eager to collaborate with decision-makers in the finance, energy and other related sectors who are interested in using the Green Home Hub to support their customers' transition to more energy-efficient homes. Interested parties are encouraged to get in touch to join Snugg in making this vision a reality.
The government has put in place long-term commitments to ensure homes across the country have greater energy efficiency to reduce bills, drive down energy use and lower emissions. We are supporting these organisations to develop fresh and innovative ways of helping more people get better access to energy efficiency measures, such as loft insulation, double glazing and heat pumps.
We're thrilled to have secured the Green Home Finance Accelerator grant. It’s a significant leap forward in our mission to make home energy efficiency simple and accessible for all. Through the development of the Green Home Hub, we're poised to transform the narrative around home energy investment from a 'no-hoper' to an absolute 'no-brainer'. We’ve already been aligning our approach with several key players (including Trustmark, Nesta and HSBC). Now, we're eager to collaborate with more industry participants as we aim to reach thousands more homeowners and accelerate our collective journey towards Net Zero.
Related Links
Snugg secures UK Gov funding to help create a greener future (snuggenergy.com)