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The Secretary of State for Energy and Climate Change, Ed Davey MP, announced at the recent Ecobuild 2014 conference that the Government’s Green Deal Payment Plan has now been extended to help landlords make their properties more energy efficient.
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By 2018, all rental properties will have to have a rating of E or higher on Energy Performance Certificates. Current estimates are that around 390k properties fall below this standard. Landlords can now apply for funding to make energy saving improvements such as increasing loft insulation or replacing a central heating boiler, but tenants will need to agree to the repayment plan. From 2016 onwards, tenants will also be given the right to ask for improvements to be made.
Green Deal Finance
Commenting on the announcement, Mark Bayley, Chief Executive of the Green Deal Finance Company, said:
“Green Deal Payment Plans are a win-win for tenant and landlords who want the same thing: a more energy efficient property and protection against rising energy prices. The void that sometimes occurs between old and new tenants is a perfect time to carry out these improvements”.
How does Green Deal Financing Work?
Green Deal loans are not like ordinary loans. The interest rate you pay is fixed and it is the same for everyone. The loan can be paid pack over a long period of time (up to 25 years). The repayments are made through the electricity bill and are not allowed to be higher than current payments (once energy savings have been taken into account). So a tenant should be able to enjoy a more comfortable home whilst still paying the same amount on their electricity bill.
