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Reorienting Finance Towards Energy Efficiency: The Case of UK Housing

Noam Bergman () and Timothy Foxon ()
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Noam Bergman: SPRU - Science Policy Research Unit, University of Sussex, Brighton, BN1 9SL, UK

SPRU Working Paper Series from SPRU - Science Policy Research Unit, University of Sussex Business School

Abstract: This paper examines the challenges associated with stimulating large-scale investment in energy efficiency and demand management measures, using residential energy efficiency-improving retrofits in the UK as a case study. We consider how issues of energy policy, consumer choice and financial systems intersect, drawing on recent literature including energy policy documents and research reports, and on interviews with stakeholders from the finance sector, energy efficiency practitioners and more. We suggest that following the withdrawal of the Green Deal, there is a need to reconsider the framing of policy for household energy efficiency improvements, and examine three potential aspects of a new framing: energy efficiency as infrastructure; new business and financing models for energy efficiency provision; and decentralised financing institutions for energy efficiency investment This would require a long-term commitment from government on energy efficiency, and a need to ensure that projects are attractive and investable from both householders and investors’ perspectives. We conclude that there are important roles for government in any large scale initiative for energy efficient retrofitting of UK homes, even if the mechanisms are market based. These includes signalling long-term policy consistency and reducing risks for financial investment, and intermediating between finance and energy efficiency projects.

Keywords: energy efficiency; energy policy; green finance; demand side management (DSM); infrastructure (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ene and nep-ure
Date: 2018-01
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