Video report by ITV News Correspondent Rupert Evelyn
Buckingham Palace is to undergo a ten-year refit at an estimated cost of £369m to the taxpayer, the palace has confirmed.
The work deemed most critical on the 17th Century building will begin in April next year and the Queen will continue to remain in residence.
Prime Minister Theresa May and the Chancellor are said to approve of the plans to renovate but it will need Parliamentary approval.
The decision to undertake the building works was made after an independent report found that without urgent work there is a "serious risk of fire and water damage".
If planning permission is granted then Buckingham Palace will have solar panels fitted onto the roof as part of the major overhaul of the iconic building.
The Treasury confirmed the funds had been granted for the overhaul with Chief Secretary, David Gauke saying they "will ensure every penny spent achieves the greatest value for money."
The estimated £369m cost of the renovations will be funded by a temporary increase in the Sovereign Grant from 15 percent to 25 percent of Crown Estate net income.
The palace will remain fully operational throughout the building works period.
Staff living at the palace will be moved to temporary accommodation to be built in the garden.
The Queen is expected to temporarily move bedrooms within the palace while the work is carried out.
The historic building - first used as a royal palace by Queen Victoria - has not been redecorated since 1952, the year the Elizabeth II ascended.
Details of the project were announced at Buckingham Palace today by the Master of The Queen's Household Tony Johnstone-Burt who said the ten-year plan "offers the best value for money".
We take the responsibility that comes with receiving these public funds extremely seriously indeed; equally we are convinced that by making this investment in Buckingham Palace now we can avert a much more costly and potentially catastrophic building failure in the years to come.
A technical survey that was carried out on the building identified that the most urgent work needs to be carried out within the next two years.
The report highlighted the urgent need of replacing electrical wiring, some of which is over 60-years-old and puts the Palace at a higher risk of fire.
Specialists on heritage preservation say the Palace's boilers being over 33-years-old could compromise conditions to preserve the Royal Collection of art.
Buckingham Palace in numbers
19 state rooms
100 miles of electrical cabling
20 miles of heating pipework
6,500 plug sockets
5,000 light fittings
330 fuse boxes
20 miles of skirting board
30,000 sq m of floorboards
90,000 people are hosted by the Palace each year
500,000 people visit during the annual Summer Opening