What's changed in the Green New Deal?

The Green Deal, a government program that offered loans for energy-efficient home upgrades, was discontinued in 2015.


Oct 29 | 2 minutes read
What's changed in the Green New Deal?

However, private businesses, such as the Green Deal Finance Company, still offer financing for such renovations. The new Green Deal differs from the previous one as it is supported by private investors rather than the government.

 

Homeowners can finance energy-saving home improvements through Green Deal loans and pay them off with their energy bills. The current loans are available for various upgrades, including new boilers, insulation, heating and lighting controls, and more. Repayments are made through energy bill payments, and the loan is tied to the property rather than the individual.

 

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Alternative financing options for energy-efficient home upgrades include using your savings, unsecured loans, increasing your mortgage, or using credit cards. If you already have a Green Deal loan, early repayment is possible, with certain conditions and fees depending on the loan terms.

 

Green Deal improvements come with warranties, typically lasting 10 years or more. When selling a house with a Green Deal, the buyer must be informed of the loan, and it may be necessary to renegotiate the sale conditions or consider paying off the loan early.

 

green new deal

 

Switching energy providers is generally still possible for those who have signed up for a Green Deal loan, as most major providers participated in the program. However, it's essential to check before switching, as there may be a few small energy providers that you cannot use if you have a Green Deal.

 

For those who are not eligible for Green Deal financing or are looking for additional assistance, the Energy Company Obligation (ECO) program offers support to low-income and vulnerable households for energy efficiency home upgrades.

 

It's essential to research and compare different financing options for energy-efficient home upgrades, considering factors such as interest rates, loan terms, and repayment conditions. Investigate potential savings on energy bills and the environmental impact of the upgrades, as well as any potential increase in property value.

 

In conclusion, although the government-backed Green Deal program was discontinued in 2015, financing for energy-efficient home improvements is still available through private companies like the Green Deal Finance Company. Homeowners seeking to make such upgrades should explore various financing options, keeping in mind the benefits and potential drawbacks of each choice.


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