What is ECO and how can it directly benefit your business?
If you run a company that installs such energy efficiency improvements as cavity wall, loft, underfloor and internal and external wall insulation, you might understandably be on the lookout for opportunities to expand your customer base and market reach.
The good news is that there probably remain pockets of the market waiting for you to tap into them. The bad news is that, unless you take advantage of opportunities offered by the Energy Company Obligation (ECO) scheme, you could struggle to win the fresh custom you seek.
So, what exactly is ECO, and what does it entail?
ECO is a government energy efficiency scheme aimed at helping lower-income and more vulnerable households to arrange, in their homes, measures for improving energy efficiency and, as a result, helping to generate financial savings and reduce carbon emissions.
The scheme obligates medium and larger energy suppliers to fund these measures – which, as part of the deal, will be installed by companies such as your own. So, how could your business benefit from becoming an ECO installer?
You can further strengthen your prominence in the market
If your business has already established a presence in the market, participating in the ECO scheme could help that business to strengthen its footing yet further.
One major reason why is the Home Heating Cost Reduction Obligation (HHCRO), the one distinct obligation of which ECO3 consists. Ofgem explains that HHCRO requires energy suppliers to promote energy efficiency measures that can be installed under ECO.
So, in promoting these measures, energy suppliers could help to promote your business, too.
It’s an incentive to expand the range of services you offer
A wide range of energy efficiency improvements can be delivered and funded under ECO. The consumer watchdog organisation Which? says the most common of these measures include loft insulation, cavity wall insulation, solid wall insulation and new boilers.
However, as ECO grants can also go towards various other measures, you could consider investigating these to see which of them you don’t yet offer but could now benefit from offering.
You could improve your reputation for offering ‘innovative’ products
Under the terms of ECO3, the latest version of the ECO scheme, suppliers are required to deliver 15% of their ECO measures to homes in rural areas. Furthermore, 10% of suppliers’ ECO measures can involve installing what the documentation refers to as ‘innovative’ products.
These can include devices with which homeowners are able to manage their energy use more effectively. This means that your company could enhance its image by offering such products.
We can help you with meeting challenges of obligation delivery
Since 2020, gas and electricity suppliers with over 15,000 customers have been automatically required to deliver ECO. Hence, for companies like yours, ECO presents plentiful opportunities – but we know that making optimal use of them can be tricky.
Here at Green Deal First, we work hard to obtain ECO grants from energy suppliers and consequently help installers to meet their targets and goals. Just click the link to learn more about the possibilities.
