This week the Government launched its new renewable energy initiative, The Green Deal.
Designed to encourage home owners to modify their properties to increase their energy performance, The Green Deal is hyped as the next big thing. It officially launched on Monday 28th January 2013, and has already featured on the BBC and in the Guardian.
Under the Green Deal, properties can be assessed for ‘measures’ to be installed and financed by a government endorsed loan. The loan is attached to the customer’s energy bills and stays with the property, so should the customer decide to move the outstanding balance can either be paid off during the transaction or transferred to the new property owner.
To qualify for Green Deal the proposed results of the improvements must outweigh the costs, something more regularly referred to as ‘The Golden Rule’. The Golden Rule is there to ensure a customer doesn’t end up paying more than they did before the measures were installed, however it doesn’t guarantee savings. Green Deal Assessments are based on assumptions and some customers may only break even.
There are 45 measures available to help improve properties energy efficiency, and these include everything from small improvements like boiler jackets and draft excluders, to the larger installations of wind turbines and solar panels.
The process to complete a Green Deal Plan is fairly straightforward:-
- Arrange an assessment with an approved Green Deal Provider.
- A survey is completed on your property by an approved Green Deal Assessor, who then reports on the measures that could be installed to increase your current energy efficiency.
- The Provider will make an application for finance, and an approved Green Deal Installer will install the measures required.
- The customer repays the finance through their current energy bills.
For more information on The Green Deal visit www.greendealorb.co.uk or call 0300 123 1234.