First private sector Green Deal contract ready to go live 6th November, 2012 Nick Boyle
According to Business Green, the first Green Deal contract for private sector landlords is ready to go live this week – aiming to improve 10,000 of the UK’s least energy-efficient properties over the next five years.
The scheme has been agreed by the Residential Landlords Association (RLA).
Landlords will be offered a ‘complete energy efficiency upgrade service’ based on an initial property assessment. The upgrade service will continue until relevant equipment has been installed – the cost of which will be backed by grand funding and Green Deal finance.
The Green Deal, along with Energy Company Obligation (ECO), form the policies for upgrading businesses by fitting insulation and other renewable energy technologies such as voltage optimisation. Loans ‘attached’ to the building cover the price of the installation and are repaid by way of a small surcharge on a tenant’s energy bill. This amount will be lower than the amount residents save through their reduced bills.
Landlords will be able to unlock funding worth up to £1.3bn per year through the ECO side of the scheme.