Invest

INVEST

Coventry city centre

IN THE 3 CITIES RETROFIT

Retrofit presents a market making opportunity. The time to invest is now

Birmingham Canal

We invite you to be part of this success

c.700,000

homes in the three cities

24.7 million

homes in England

There has never been a more exciting time to invest in our cities. With an estimated £10-12bn worth of retrofit opportunities, there are many ways to get involved.

We can provide investors with a single entry point to retrofit across the 3 Cities, connecting the local citizens, businesses and organisations to establish and then scale retrofit activities.

By developing the local supply chain, manufacturing base and digital ecosystem, and investing in research and development, we can create a flourishing and sustainable retrofit market around data, technology and delivery capability.

The scale of the market is significant and there is currently a substantial gap in UK capacity to meet forecasted demand so investing in the supply chain will be critical.

Across the 3 Cities, we have the infrastructure, people and ambition to lead in retrofit development and act as an enabler for the rest of the UK.

 

Our early work will demonstrate the investment and delivery models required for retrofit at scale across social housing

There is then a significant wider opportunity in scaling this to the larger private sector market, both in the cities and nationally.

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*Current cost modelling is based on whole house retrofit. Future modelling will consider scaling up efficiencies, innovation and energy generation. Home numbers from UK DCLG 2020 England data.

Achieving our ambitions will require a blend of funding and financing models

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  • Long term collaboration to co-fund, design and deliver energy efficient retrofit improvements

  • Investment in city, neighbourhood and individual level heating solutions across tenures

  • Investment in local public, private and co- owned solar and wind energy generation

  • Partnerships to promote trusted products to private households and offer finance mechanisms for home owners

  • Low carbon Innovation and R&D technology investment opportunities with our local suppliers and manufacturing base to make net zero affordable

  • Government-backed loans and bonds offer relatively low-cost finance for delivery of capital projects

  • Sustainable bonds can allow long-term financing of large-scale retrofit

  • Environmental, Social, and Governance (ESG) loans enable investors to demonstrate the environmental credentials of a project and offer low-cost finance

  • Central Government will play a vital role in allocating funding and encouraging retrofit delivery at scale through incentivisation and policy alignment

  • The 3 Cities have already benefitted from UK government green investment funding including the Social Housing Decarbonisation Fund (with Coventry awarded £1.1m and WMCA £7.5m in 2022); Local Area Delivery 2/3 and Home Upgrade Grant (HUG) Fund

  • Through conducting full housing stock, EPC data and community energy use assessments, we can ensure we are ready to capitalise on funding as it becomes available

PwC are supporting the 3 Cities, looking at public-private financial modelling options across the programme.