Government announces details of Green Deal scheme 23rd November, 2011 Thomas Ridgley
Information about the government’s Green Deal has been unveiled by Energy and Climate Change Secretary Chris Hulme, which will help both businesses and domestic customers become more energy efficient.
The Green Deal will allow companies and private homeowners to install technologies which will reduce their energy use and carbon footprint at no up-front cost. Instead, the loan is repaid through an additional charge on energy bills over a long term period so businesses that do not have cash available up front can benefit from becoming more energy efficient. Instead of being attached to an individual, the loan is attached to the building which means that should a business want to move premises they will no longer be liable for the payments.
To encourage businesses to use this scheme instead of other finance options, the Green Deal has a “Golden Rule” of the scheme says that the loan repayments must be lower than the energy savings. The scheme is due to be launched in October 2012, and could not only help the UK meet its carbon reduction targets but also support thousands of jobs by the year 2015.
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