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Budget 2007 - further incentives for low carbon homes
In a move towards reducing the carbon emissions from our homes, Gordon Brown announced a series of measures in his Budget yesterday to incentivise homeowners to 'go green'. Having already announced plans to speed up home insulation and to design out energy wasting products, consultation with major banks and building societies will begin to introduce 'green' mortgages which allow immediate capital investment in energy efficiency to cut both consumption and bills. It was also announced that grants of £300 to £4000 will be made available to pensioners installing insulation and central heating.
On top of this, there were proposals to reduce the rate of VAT from 17.5% to 5% on energy saving and environmentally products in the home and increased advice, support and incentives are being offered to small businesses for environmental improvements.
Stamp duty exemptions will also be put into place for all new zero carbon homes up to the value of £500,000 until 2012. OFGEM (The Office of Gas and Electricity Markets) will examine how green homes can benefit from tax breaks when they become not just sources of clean energy themselves but sell some of this energy back to the grid.
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