The average home could save £500 a year on bills from April with good insulation and heat pumps, according to a recent IPPR report. 

In the document, the think tank warned that public investment in energy efficiency and low-carbon heating is falling short of what is needed to meet climate goals to cut gas demand and emissions – and reduce consumers' bills. 

The report called for planned investment earmarked for after 2025 to be brought forward to the next two years to plug a £5.8bn funding gap.

In relation to home insulation, IPPR found that the UK's plan would require £12.7bn of public funding – but there is a shortfall in spending of at least £2.4bn.

The report also found that £5.1bn of public spending would be needed to replace gas boilers with electric heat pumps, but there the funding gap is £3.4bn. 

It also stressed that the government is falling short by £2.6bn against its own manifesto commitment to spend £9.2bn during this Parliament...