The latest Green Deal cash back scheme for home owners
As part of the Green Deal, the Government has announced a scheme which will pay home owners to undertake energy efficiency improvements staring on the 28th of January 2013.
Home owners could receive hundreds if not thousands of pounds from the Government according to ED Davey, the energy secretary who made his announcement last Friday. Home owners can undertake work such as upgrading boilers, draught proofing and loft insulation with a loan from the Government . The repayments must be offset by the energy savings however, there is no Government guarantee underpinning it.
The rates which will initially be offered to the first 1,000 home owners with their energy efficient home improvements are as follows;
£650 cash back for fitting solid wall insulation
£390 for flat roof insulation
£150 for floor insulation
£100 for loft insulation
£50 for draught proofing
However, a spokesman from the Department of Energy and Climate Change expects the average household to receive around £350 out of the available £40 million funding but if enough work is undertaken, the cash back could amount to £1,000. The cash back will be capped at 50% of the house holders contribution with the money paid in by the company that undertakes the work and the loan is tied to the property, not the home owner. The typical interest rates are expected to be between 6 – 8% which may deter some home owners.
This is the Governments latest scheme under its Green Deal project which they hope will transform the energy efficiency of 14 million homes whilst creating thousands of jobs and cutting carbon emissions. Would you be interested in participating in the latest Government Green Deal scheme?
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