Do you have a property in UK? If the answer is yes, then this might be a good news for you. Since 2013, the UK Government has an interesting programme called the Green Deal. Let’s say, it’s a new tactic to pay for energy-saving home improvements, so you can lower your energy needs in your building.
For instance, you can fix your loft, solid wall insulation, double glazing, boiler with solar panels through the Solar Grants programme, and so forth. This is an opportunity for all domestic and commercial properties in UK to be radically upgraded with no cost in advance.
Yes, you may have a new boiler, thermal glazing and complete home insulation at no up-front cost. Not only your house will be warmer and cozier, but also, it will save you money on future’s monthly energy bills.
However, don’t be misunderstood, all of this home improvements is still a loan that you must payback. But you don’t pay it like you do for usual loans. The savings you’ve made from the energy consumption will cover your Green Deal’s cost. Theoretically, you should not pay more than you are saving on your energy bill.
Why did I say “theoretically”? Because there’s no such a guarantee. It’s just a guideline based on energy-saving calculation. You will consequently only make general savings on your energy bill once you’ve made all your repayments.
However, the Green Deal is not like a normal bank loan. It’s attached to your property, rather than you as a person. It will pass on to the next owner of your house if you move. This is why, I think, it will disadvantage your house’s buyer a little bit when you sell it to her or him.
But, if you still see more bright side on the Green Deal programme, then go for it. The first question cross on your mind must be, how to get this grant?
You just need to apply on a website of the Green Deal programme, which I’ve given the links above. An assessor will take a visit and make a free report on your homes performance and potential improvements. If you are qualified, then a certified installer will do the upgrades. Once it’s done, hurray! You have a warmer house and lesser energy bills.
Nevertheless, like any other loans, the Green Deal is not a simple product. So, my best advice is, read the terms thoroughly and consider all the implications before signing up to this long-term financial commitment. [photo by Rie]