Ed Miliband’s net zero drive could cost Britons £4.5trillion over the next 25 years, figures suggest.
Data from the National Energy System Operator (Neso), the body responsible for the UK’s energy network, has outlined the possible cost of Labour’s climate plans.
The Government is aiming to reach net zero by 2050, meaning the total greenhouse gas emissions would be equal to the emissions removed from the atmosphere, in the hopes of limiting global warming.
Neso estimates that households across the UK would need to spend roughly £585billion over the next 25 years to switch heating from gas boilers to more eco-friendly heat pumps, the Daily Mail reports.
In total, the Government quango predicts an annual spend of £182billion will be required to meet the Government’s 2050 targets.
Reform UK deputy leader, Richard Tice, claimed net zero will “bankrupt” the country.
He told The Mail on Sunday: “This confirms what I have always said – the Government’s obsession with Net stupid Zero will only succeed in bankrupting the country.
“A Reform government will scrap Net Zero immediately, cut energy bills and restore growth.”
The Government is aiming to reach net zero by 2050
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A Neso spokesman said: “This is despite a projected rise in energy demand, driven by population growth, increasing GDP (Gross Domestic Product) and growing consumption from data centres.
“Our analysis shows we would be less exposed to energy price volatility under a de-carbonised energy system.”
At the end of last month, it emerged that Labour was preparing to spend £13billion to provide grants to millions of home owners for solar energy, batteries, and heat pumps.
Energy Secretary Mr Miliband is set to unveil the scheme aimed at transforming British homes into “zero bill” properties over the next few weeks as part of the warm homes plan.
Labour is preparing to spend £13billion to provide grants to millions of home owners for solar energy, batteries, and heat pumps
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Ministers anticipate that some households could end up paying virtually nothing for their energy, while others would see substantial reductions in their annual costs.
The initiative targets carbon emissions from the UK’s 30 million residential properties and represents what the Government describes as the largest public investment ever made to upgrade homes and address fuel poverty.
This approach marks a significant departure from previous government strategy, which concentrated billions of pounds on improving energy efficiency through insulation and double-glazing programmes.
Experts now contend that such measures fail to deliver value for money, arguing that homeowners would achieve greater savings by fitting solar panels rather than undertaking costly and disruptive insulation work.
The Government is also expected to remove restrictions on plug-in solar units, which can be attached to balconies, patios and flat roofs without requiring professional installation.
GB News has contacted the Department for Energy Security and Net Zero for comment.