Private homeowners and social housing tenants will benefit from the investment, which is designed to reduce energy costs, cut carbon emissions and help struggling families.
Residents will benefit from the funding to install energy efficiency measure including exterior wall and cavity insulation, biomass boilers and an innovative Ecopods district heating system.
Glasgow City Council was awarded £6.6m in funding from the Scottish Government's Home Efficiency Programme for the scheme and residents will be assisted in obtaining ECO funding worth an additional £21m.
Sustainable Glasgow will also be working alongside the city's social landlords for the project.
They include Shettleston, New Gorbals, Queens Cross and Govan housing associations, as well as Glasgow Housing Association (GHA).
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Social landlords will contribute a further £12m towards the projects.
Queen Cross Housing Association was awarded £725,000 towards its innovative Ecopod green energy project which will benefit 542 flats and maisonettes in the Woodside area of the city. This is Scotland's first Ecopod district heating systems project, which harnesses solar power and uses energy efficient boilers. Homeowners in Shettleston will also benefit from external wall insulation which will cut heating bills. Private householders will receive grants but will also contribute to the cost of the work.
Glasgow City Council will also carry out two insulation projects with homeowners in Milton and Pollok.
Councillor Gordon Matheson, Leader of Glasgow City Council and Chair of Sustainable Glasgow, said: "Fuel poverty is a big problem in Glasgow and it's something which the council is determined to tackle in partnership with housing providers.
"This new investment of £40m is fantastic news for city residents - many who of whom are living in hard to heat properties. In recent years we have endured some of the coldest winters in living memory and energy costs have been spiralling.
"This funding will enable almost 5000 homes to be upgraded - creating more energy efficient properties which retain heat and allow people to live more comfortably without worrying about energy bills. It will also help tackle environmental issues by reducing emissions."
(JP/MH)
