Introduced in January 2013, The Green Deal is a government backed energy efficiency initiative to help make energy-saving home improvements. This includes finding companies to carry out the work, and gives you access to a number of options for paying for the improvements, including Green Deal finance. This scheme lets you pay for some or all of the improvements over time on your electricity bill.
At the time of writing it’s fair to say the scheme has been an utter failure with less than 2,500 Green Deal plans in place or pending up until the end of April 2014.
The assessment process is ridiculously complicated, the cost of borrowing under the Green Deal finance arrangements is too much, and too complex, and many savings made are minimal.
Who wants a loan to cover the work of up to £10,000 which is at a high interest rate, stuck on the property for up to 20 years until repaid through the energy bills which would put off many would be buyers. The answer – not many!
We will not be getting involved with this one!