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The original Green Deal scheme was launched in 2013 but ended in July 2015 when the Government withdrew its financial support for the Green Deal Finance Company (GDFC), a not-for-profit organisation set up to manage the scheme.
The Government sold the company to private investors, Greenstone Finance and Aurium Capital Markets, who since May 2017 have been running the scheme in much the same way as before, offering Green Deal Loans through a select number of approved Green Deal Providers.
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The Green Deal is a scheme that provides ‘pay as you save’ loans for energy-saving home improvements such as:
Its overall aim is to help make energy saving measures more affordable and accessible.
The scheme allows you to balance the cost of the improvements against the savings that are achieved. Green Deal Loans work differently to ordinary loans:
There’s no set interest rate, but the average rate is around 9.3% APR. Your rate stays the same for the full repayment period, which is decided by how long the improvement is expected to last—so typically 12 years for boilers and 25 years for insulation, for example.
When you apply to the scheme, your Green Deal Provider will tell you how much interest you’ll pay.
Only Green Deal-approved organisations can help you get a Green Deal Loan and install the recommended energy-saving home improvements.
To become a Green Deal Provider, an organisation must:
Some organisations gain Green Deal accreditation in several areas so they can be involved at every stage of the process.
Green Deal Assessors |
Green Deal Providers |
GDFC |
Green Deal Installers |
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Green Deal Assessors
Green Deal Providers
GDFC
Green Deal Installers
YES Energy Solutions has accreditation for the entire process—meaning we’re a Green Deal Provider, Installer and Assessor—and we work with a number of energy suppliers as part of the Government’s Energy Company Obligation (ECO) scheme.
We’re not offering Green Deal Loans at present, but will keep this decision under review as the relaunched scheme develops.
Yes, the new Green Deal is covered by the same legal regulations as the original scheme.
And as before, all Green Deal Providers, Assessors and Installers must keep to the official guidelines set out in the Green Deal Code of Practice.
Your Green Deal Plan is linked to your property, not you. So if you move out, the new owner becomes responsible for the repayments. However, you must make them aware of this.
If you own the house and are selling it, you should let your solicitor or conveyancer know that you have a Green Deal Plan. They will tell the new owner.
If you’re a tenant and are simply moving out, your landlord should get the new tenant to acknowledge that they’re aware of the financial responsibilities they’re taking on.
In most cases, you should contact your Green Deal Provider first. They have a duty to handle your complaint in the proper way and sort out any problems, whether it’s to do with your loan, the installation or product, or their general service.
If they don’t resolve your complaint within eight weeks, or you aren’t happy with what they’ve done, you should contact the Green Deal Ombudsman.
The other main route for funding for energy efficiency improvements is via grants. Grants are currently available through the ECO Scheme for certain qualifying householders.
It’s likely that you’ll need to top up the grant offered through the ECO Scheme to cover the full cost of energy-saving measures. A Green Deal Loan could be one way of doing this.
Other possible payment options to support energy-saving installations include:
No, your loan agreement remains unaffected and you and the Green Deal Provider have the same legal obligations as before.
You may want to pay off your loan early. However, if you took out the loan before May 2014, you could be charged a fee for early repayment.
ECO Scheme funding with YES Energy Solutions
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Find out more about saving energy and the funding opportunities available.