What is Green Deal?
Green Deal is a new system used to make payments for home energy-saving improvements. You can get the Green Deal finance to pay for measures that include cavity, loft or wall insulation, solar panels, a new boiler or double glazing. This loan taken is repaid through savings that are made on your electricity bills. Your bills will therefore not be higher than usual.
How do I get started?
To get started on a Green Deal loan, you need to arrange for a visit from an assessor who is accredited with the Green Deal Quality Mark. All companies that are involved in the Green Deal must bear this mark as well as comply with the code of practice. The providers of Green Deal include shops, energy companies and companies that install energy efficient technology.
How different is the Green Deal?
The Green Deal differs from the old energy schemes, because it involves taking out a loan that helps to pay for the energy-efficient measures. This loan is paid back through your electricity bill and is therefore attached to your electricity supply, instead of you as an individual. This means that in case you move, it will pass on to the next owner of your home.
Green Deal differs from a other loans because the repayments made on the loan will be covered by the savings on your energy bill which you make as a result of installing home improvements that are the energy-saving. This is a system where the rule is that your loan repayments are not more than the savings on your energy bill. However this rule is not a guarantee, but a guideline that is based on energy-saving estimates.
To obtain a Green Deal loan, you will have to go through a credit checking process and the rates of interest on the loans are decided by each individual provider. According to the government if you have a Green Deal loan and then default on your energy bills you must let your Green Deal provider know. They will advise and help you work out a payment plan that is based on what you can afford.
What energy efficiency measures are available?
There are many energy efficient measures available that include insulation and solar panels.
Will the Green Deal save me money?
The Green Deal will save you money because of the energy-efficiency upgrades like insulation. Upgrading insulation or installing it is a way of reducing your heating costs because approximately 35% of your home’s heat is lost through the walls while another 25% may be lost through the roof. Having a loft and cavity wall insulation is among some of the most effective energy efficiency measures that can be installed. You will therefore not need your central heating on very much since your home will retain heat for a long period of time. If you have an old property prone to a draughts, you can consider draught proofing to keep your property warm. This will keep your heating source from having to work hard to compensate.