ECO (Energy Companies Obligation) Funding
The ECO was introduced in January 2013 to reduce the UK’s energy consumption and support people living in fuel poverty. It does this by funding energy efficiency improvements worth around £1.3 billion every year.
Parliament passed the the Electricity and Gas (Energy Companies Obligation) Order 2012 on 4 December 2012 and it is now in effect. TheECO will run until March 2015, supporting the installation of energy efficiency measures in low-income households and areas, and in properties that are harder to treat. It works alongside the Green Deal to give consumers support and funding for energy efficiency improvements in their homes.
The Green Deal and the ECO will help reduce carbon emissions from the UK’s domestic building stock, which is an essential part of the UK’s plan to meet its statutory domestic carbon emission reduction targets by 2050.