Mr Shapps has launched the scheme as part of new Government measures to cut people’s energy use by 15 per cent by 2030.
The Government has announced a number of funds to help households combat the impact of rising energy bills, such as the cost-of-living payments.
But the energy-efficient home fund aims to make homes more energy efficient to lower bills in the long term.
However, Labour has said the move is “a reheated announcement with no new resources” and is “far too little too late”.
What is the energy-efficient home fund?
The energy-efficient home fund is called ECO+ and will provide households with up to £15,000 of funding to cover the cost of loft insulation, cavity-wall insulation, and smart-heating controls.
The Government has allocated £1 billion to the project. They will cover up to 75 per cent of the costs while households pay the rest.
Households that implement energy-efficient changes are expected to save hundreds of pounds of energy bills every year.
Alongside the £1 billion project, the Government will launch a new £18 million public information campaign to help people cut their energy use.
Who is eligible for the ECO+ fund?
The fund will reportedly help middle earners who live in council tax bands A to D. It will extend help to the least energy-efficient homes in the lower Council Tax bands.
Middle earners are considered to be people who earn around the median income in the UK. According to Statista, the median household disposable income in the UK was £31,400 in the financial year ending 2021.
More than 70,000 households are expected to benefit from the scheme.
When will the ECO+ fund come into force?
The Government says it intends to lay legislation for the scheme to launch in the spring of next year and run until March 26.
The consultation will run from November 28 until December 23.
What has the Government said about the ECO+ fund?
Mr Shapps said: “The Government put immediate help in place to support households in the wake of global energy-price rises caused by Putin’s illegal march on Ukraine. Today, we launch the first of many measures to ensure the British public are never put in this position again as we work towards an energy-independent future.
“A new ECO scheme will enable thousands more to insulate their homes, protecting the pounds in their pockets, and creating jobs across the country.
“And in the short term, our new public information campaign will also give people the tools they need to reduce their energy use while keeping warm this winter.”