Households looking to improve their energy efficiency and cut their costs by installing insulation, double glazing or solar panels could count on EU funds.
The EU Commission has adopted a proposal to help finance national, regional or local schemes to improve the energy efficiency of homes.
According to the Commission, the average householder could save up to ?1,000 (£855) a year from making their home more energy efficient.
Funds from the European Cohesion Policy could be made available for energy efficient and renewable energy improvements in low income houses if the proposal is approved by the European Parliament and the Council of Ministers.
As well as helping cut energy costs, the initiative would also help stimulate the economy, develop technical knowledge and help combat climate change.
Andris Pielbalgs, commissioner for energy, said: "The residential sector is responsible for a quarter of energy consumption in Europe. With this measure we are going to help European citizens to improve the quality of their homes, while making a substantial contribution to our climate change and security of supply policies."
Earlier this year prime minister Gordon Brown made announced a £910 million fuel package that included free or half price insulation for every household.
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