For retirees who are pensioners, pensioners pay most of the bill; people who work in the service sector, on the other hand, pay more out of their pension. If you live in South-east England, you could get the benefit of a grant, but it generally only applies to people over 65. As well, those whose pension is above a certain level do not automatically receive a pension grant, they’ll have to decide if they really can afford to pay, and if so, how much they want to pay. If you’re a student, there are different rules about pensioners, but the vast majority of pensioners are only eligible for an allowance of about £15,000 per annum.
What’s the process for claiming the allowance?
If you want a new boiler (a new boiler that has been replaced by another) and there is no suitable building for you, an application will have to be made to the local council, which will decide if building the boiler is economically and ethically worthwhile. The decision will be made on a case-by-case basis, so, depending on the circumstances of your case, the cost of the boiler replacement could be more than, or less than, that of a single new boiler.
The borough will make you pay towards the cost of the replacement
The borough may take out an advance on this cost of building the new boiler, but this will be more than the cost of the replacement boiler. The borough will not be liable for the cost of construction of the new boiler and you can cancel the advance if this is the case.
The borough will not be liable for the cost of construction of the new boiler and you can cancel the advance if this is the case
The average rate of repayment is a maximum of £10,000
The amount of the advance is payable at the time of the boiler replacement and there will be a maximum repayment period of 30 years
If you are over 65, the interest rate for the advance is 5.85%. This level of interest rates is not set at the National Living Wage but is likely to be higher. These rates have been set to ensure the affordability of boiler replacements in the short to medium term.
This rate will depend on how often the boiler is replaced so, for example, if you have a 50- year-old boiler it would probably cost you £10,000 if you replaced every 25 years and £18,000 if you were replacing every 20 years.
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