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In a keynote speech to the Building Research Establishment, he explained how this would mean both lower power bills and lower carbon emissions.
The announcement is part of an ambitious programme to get 25 million homes "greened up" to help save money for consumers while meeting environmental commitments under the Climate Change Act.
Utility companies, high street retailers and charities will supply the re-fit of homes. In return they will be able to claw back the money from new lower customer bills spread over 25 years.
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Mr Shappsa said: "Imagine if you could walk into your favourite store, buy some clothes or do your weekly shop and then at the checkout, as you hand over your Clubcard; the cashier offers you the prospect of permanently lower utility bills. There's nothing to pay, now or even later."
Responding to the announcement Brian Berry, Director of External Affairs at the Federation of Master Builders (FMB) said: "If the UK is to have any chance of meeting its legal obligation to cut carbon emissions by 80% by 2050 then it is imperative that more is done to tackle our existing housing stock which currently contributes 27% of the UK's total carbon emissions. Providing grants to householders is a great way to help kick-start the market to make our homes more energy efficient as well as creating much needed jobs in the construction sector. However, the challenge will be to ensure that the money is well spent."
(CD/KMcA)
