Green Deal Finance
A task group report examining barriers to success for Government's one-time flagship energy efficiency policy.
The Green Deal was the Coalition Government’s flagship energy efficiency policy but saw low levels of take-up from householders. The Green Deal Finance Task Group was established in 2013 to investigate whether the interest rate charged on Green Deal Plans was a barrier for take-up and review the options for reducing the rate.
The group concluded that householders were not being discouraged from taking out a Green Deal plan because of the headline interest rate of 7-8% APR. Indeed, compared to similar unsecured financial products available the interest rate being charged was very competitive. But the attractiveness of the Green Deal was being undermined by two issues directly linked to the interest rate: the amount of money that could be borrowed and the total amount to be repaid. Reducing the interest rate would allow householders to borrow more under the scheme to fund more expensive works and pay back significantly less interest over the period of the loan.
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