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Wednesday 8 August 2012

 

The British government intends to include the green deal in its £40 billion UK guarantees scheme.

George Osborne recently launched the UK guarantee scheme that will allow the government to underwrite £40 billion of stalled housing projects by providing guarantees for projects that are ready to start in the next year.

The Department of Energy and Climate Change has also agreed to loan The Green Deal Finance Company £7 million so it can provide low cost finance next year.

The green deal will enable households to undergo measures that make their properties more energy efficient with no upfront cost. The providers recoup the costs via a loan that is attached to the property and is paid off through the household savings in energy bills.

Climate change minister Greg Barker commented on insidehousing.co.uk that: ‘The loan we have agreed with the Green Deal Finance Company will help them to undertake essential development and be ready to offer finance to green deal providers in early 2013.’

Chief Secretary to the Treasury, Danny Alexander also noted that: ‘I am pleased to announce that the green deal will be an early candidate for the use of these guarantees.

‘The green deal is the largest ever programme for investing in the energy efficiency of our housing stock and we are looking at whether and how a guarantee could help ensure that the finances are in place to get the programme off to a very strong start.’

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