Britain to invest 1.8 billion pounds on home energy saving upgrades

LONDON (Reuters) - Britain will invest 1.8 billion pounds ($2.33 billion) in energy efficiency upgrades such as insulation, solar panels and heat pumps to help families in social housing save money and curb emissions, it said on Tuesday.

The government has made reducing energy bills one of its major aims and is also seeking to reduce emissions to meet its 2050 net zero climate target.

High wholesale gas prices, however, mean the country’s domestic energy price cap is set to rise for the third consecutive quarter in April and household energy debts have ballooned to almost 4 billion pounds.

"At a time when many are experiencing high energy bills driven by the UK’s reliance on international gas markets, this funding... could now help households save hundreds of pounds a year," the Department for Energy Security and Net Zero said in a statement.

The funding will be targeted towards low-income households and tenants living in social housing with up to 170,000 homes in England set to benefit.

($1 = 0.7738 pounds)

(Reporting by Susanna Twidale, editing by Ed Osmond)