Social Housing Update — March 2014: green light for ECO funding
By Richard Cooke
ECO must be something to do with ecology, right? Well, indirectly… sort of, but strictly speaking… no. ECO does relate to the growing green agenda but ECO is an acronym for Energy Company Obligations. The phrase derives from The Electricity and Gas (Energy Company Obligation) Order 2012 (otherwise known as the ECO Order).
This piece of secondary legislation is perhaps not as widely known about as it should be. It should be more widely known because the ECO Order provides a sizeable potential source of funding to developers carrying out redevelopment or improvement works on housing stock.
Enacted in July 2012, and effectively in operation from autumn 2012, the ECO Order has provided a source of funding to a select number of householders and developers. In essence, the ECO Order obliges all sizeable energy companies to procure certain levels of carbon and heat savings. This is done by the energy companies paying householders and developers to install energy-saving works in their properties — for example by introducing double glazing; by adding insulation; or by installing improved efficiency heating products…
Click on the link below to read the rest of the Penningtons Manches briefing.