Ofgem launches £450m fund to help homes and businesses go green

Money available for ‘bold and ambitious’ ideas by energy network firms in aim to reach net zero

Great Britain’s energy regulator has launched a £450m fund aimed at innovative projects that will help the country meet its net zero climate targets.

Ofgem will make the money available to energy network companies that are trying to ensure homes and business are going green. The £450m fund will be available over the next five years but could be extended if strong plans are presented, Ofgem said.

It is expected to play into the UK’s wider ambitions to slash 68% of emissions by 2030, and 78% by 2035. Its goal is for net zero emissions by 2050.Ofgem said the ideas would need to be “bold and ambitious”, have the potential to be rolled out at scale across the UK, and could range from heat pump installations to developing battery storage technology.

Funding will be considered for projects that cover heating and transport, data and digitalisation, and “whole system integration”, which refers to the entire journey of electricity from plant to plug.