Report presents Green Deal finance benefitsSeptember 18, 2013
A new report from the Green Deal Finance Company (GDFC) has revealed that obtaining money from the government scheme is one of the most accessible forms of payment plans on the market.
Conducted using a market review from Capital Economics, it has been suggested that 83 per cent of households have access to a Green Deal funding pot worth in the region of £244 million.
Furthermore, the GDFC cited research from the 2011-2012 English Housing Survey Headline Report from the Department for Communities and Local Government (DCLG) that showed 36 per cent of homes in England have poor energy efficiency ratings, accounting for eight million properties.
By accessing the Green Deal, homeowners can get finance for energy efficiency improvements to their property, with 45 different types of technology available. These include insulation, energy-efficient boilers, or solar panels.
With 8.2 million people spending between five and ten per cent of their income on energy bills, according to the Department for Energy and Climate Change's 2012 report on Fuel Poverty Statistics, the need for saving money on annual utility bills is vital to help boost the finances of some of the most vulnerable people in the country.
The latest report from the GDFC shows that Green Deal rates are amongst the most competitive, especially for people looking to invest in carbon reducing technology between the value of £1,500 and £5,000.
Green Deal financing is the cheapest unsecured source of finance for £5,000 sums, the report claims, with £5,000 fixed at 7.9 per cent interest for 20 years. Fixed rates are not offered by any other finance provider for more than a decade.
Mark Bayley, chief executive of the Green Deal Finance Company, said that there is a "great opportunity" to help people safeguard themselves from increasing energy bills.
"Many people will be surprised by how much energy they could save in their home, it makes sense for people to take a second look at Green Deal payment plans," he continued.
"Our rates are fixed and competitive, especially for those looking for long term unsecured finance to improve home energy efficiency across a range of loan sizes. For unsecured sums of £5,000, Green Deal payment plans offer the lowest cost option."
Categorised in: Industry News