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Government "green deal" proposes pay-as-you-save home improvements
27/05/10
Edited by Tom Bardsley. The government plans to establish a green investment bank to provide loans that will help residential property owners improve the energy efficiency and environmental performance of their homes.
Under a bill unveiled in this week's Queen's Speech, households would be able to invest the money in measures to cut their carbon footprint without having to meet the upfront costs.
In what energy secretary Chris Huhne called a "pay-as-you-save" approach, the loan would be repaid over the long term through the savings achieved on utility bills.
"The energy bill is designed to help consumers put a stop to wasting energy in their homes through a green deal while making sure our energy system is fit for the 21st century," he added.
Details of the scheme, such as the levels of finance that will be available, have not yet been finalised, but prior to the election, the Conservatives proposed providing up to £6,500 for each household to invest in green home improvements.
