Green’s Home Insulation Scheme has Billion Dollar Benefits

green-party

Tue May 29 2012 12:00:00 GMT+1200 (New Zealand Standard Time)

Green’s Home Insulation Scheme has Billion Dollar Benefits

Tuesday, 29 May 2012, 2:35 pm
Press Release: Green Party

Green’s Home Insulation Scheme has Billion Dollar Benefits

The Green Party’s insulation scheme negotiated with National has produced more than one billion dollars in benefits for New Zealanders according to new reports from the Ministry of Economic Development.

“The Green Party is celebrating reports of $1.21 billion of health benefits from the Warm Up New Zealand scheme we initiated under a National-Green memorandum of understanding in 2009, said Green Party Co-leader Metiria Turei.

“A series of studies commissioned by the Ministry of Economic Development said the $347 million programme has given an estimated gross benefit of $1.68 billion, a resource cost of $0.37 billion and a net benefit of $1.21 billion.

The study estimated that the scheme has prevented 18 deaths among people aged 65 and over who had previously been hospitalised with respiratory illness.

University of Otago researchers found that households which had installed insulation had cut medical and prescription costs.

“The biggest benefits were in health improvements, which will have life-long benefits, especially for children and low income earners, Mrs Turei said.

“This is a clear case where the Government’s own objectives are being met; all the boxes are ticked with impressive economic and social benefits.

“The scheme has also been cost effective, so the original funding allocation will now not run out until July 2014 now.

“That effectiveness certainly justifies the extension of the scheme. The Minister, Phil Heatley, and I are in discussions about the future of this enormously successful scheme.

The Green Party holds the Warm Up New Zealand programme up as an example of good green economics that work. This latest series of studies has confirmed this, Mrs Turei said.

Report available at: http://www.med.govt.nz/sectors-industries/energy/energy-environment

ENDS

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