This funding announcement shows that the Government is committed to the success of the Green Deal and will actively encourage and incentivise take-up so that the it will appeal to households, businesses and prospective providers. The Government has committed to make the Green Deal hit the ground running, and to make it as attractive as possible so that people take it up from day one.
£200m of new and additional Government funding was announced to provide a special time-limited ‘introductory’ offer to boost the early take up of Green Deal.
Due to bills rising, the Governments wants as many people as possible to benefit when the Green Deal launches in October 2012.
Chief Secretary to the Treasury Danny Alexander said:
“I can announce today that as part of the Autumn Statement we will provide £200m of funding for new and additional support to enable a special time-limited ‘introductory offer’ for the Green Deal. An offer that could save early adopters hundreds of pounds. A fund to get the Green Deal off to a flying start. One that will work with the Green Deal mechanism and the ECO to motivate thousands of more consumers to take up energy efficiency measures over the next two years. The earlier you Green Deal your home, the quicker you'll benefit from a warmer and cosier property as well as protect yourself from rocketing prices”.
Green Deal Summary
Every British home and business will be able to install packages of energy saving technologies such as insulation at no upfront cost making their property warmer and cosier straight away, with repayments made over time out of the energy savings. Strict standards will be put in place to prevent consumers being ripped off by cowboys.
A new requirement on energy companies to provide support with an estimated value of £1.3 billion a year to ensure everyone is able to benefit from the Green Deal – no matter their income or the type of house they live in. Additional help will be available to ensure the fuel poor get better boilers and fix draughty homes while subsidy will also be provided to help tackle homes that are hard to insulate, including solid wall homes.
The Green Deal is expected to kick start around £14 billion of private sector investment over the next decade – with new safeguards to help small family firms as well as big high street names get involved in the Green Deal. The Green Deal could support at least 65,000 insulation and construction jobs by 2015.
More information from DECC:
PB Energy Solutions are leaders in the field of Green Deal and provide support and guidance services in all aspects of the new framework. Do not hesitate to contact us should you require further information:http://www.greendealnationwide.co.uk/contact-us/