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What is the Green Deal ?

Heralded as a “revolution” in the UK energy sector, the Green Deal is the flagship government initiative to increase the energy efficiency of British properties in the public and private sector.

First proposed to parliament in December 2010 as the centrepiece of the Coalition Government’s Energy Bill, the Green Deal will allow private energy firms to provide domestic and commercial customers with double glazing, loft and wall insulation and other structural improvements designed to boost the energy efficiency of their buildings and reduce heating bills.

From autumn 2012, participating energy utility companies and accredited retailers such as Tesco, B&Q and Marks & Spencer will provide customers across the UK with quality-assured work to their homes, businesses and community spaces for no upfront cost, and without loans or advance finance.

The full cost of the measures will be recovered through instalments on the energy bill over several years, and because the Green Deal is not a personal loan or an advance payment scheme, there is no obligation to continue paying the instalments if you move house.

Suitability for the scheme will be assessed on a simple calculation, known as the “golden rule” of the Green Deal - the predicted savings from the energy efficiency improvements to your property must equal or exceed the cost of installation.

How Does It Work ?

The first stage for consumers interested in participating in the Green Deal will be a full property assessment carried out by an independent, accredited advisor.

This initial consultation will provide householders and business owners with an opportunity to learn about the current energy performance of their properties and the specific measures which they would have access to under the Green Deal to improve this performance.

Green Deal Eligibility

The assessment will provide the basis to determine whether the predicted savings made by energy efficiency improvements to a property will be equal or greater than the installation cost of these improvements- this is the “Golden Rule” at the very core of the Green Deal finance scheme.

The golden rule is in place to ensure that householders and businesses benefit from cost efficient, energy efficient homes and workplaces without further costs under the Green Deal.

In this way, the installation cost of energy efficiency improvements will be paid for directly by the savings made by increased energy efficiency and will be recouped in clearly set out instalments attached to your bill and spread out over a number of years.

Following the assessment of your property, you will receive a comprehensive quote, clearly breaking down the total cost of energy efficiency installations for your property, the size of repayment instalments attached to utility bills, and the estimated length of the repayment period.

This will be supervised by the objective, accredited advisor that surveyed your property and the work will only be financed if it is carried out by approved Green Deal installers.

Green Deal Finance is available to both homeowners and tenants but written consent from the bill payer and anyone who has an interest in the property (including landlords and freeholders) will be required before the improvement measures are installed.

Although a Green Deal finance plan requested by a homeowner or small business is not a personal loan, it is likely to be considered a fixed term credit arrangement and customers will therefore be protected under the Consumer Credit Act.

For more information visit:  http://www.green-deal-guide.co.uk/#