The Green Deal

The Green Deal (GD) commenced on the 28th January 2013 and is the new government initiative designed to help business and home owners to employ more green technologies in their properties. The idea is simple; install new green technology into your property with no up-front costs. You will pay back the costs through your energy bill over a period of time. This is unlike a conventional loan because if you move out of the property the bill stays with the property where the savings are made (until the total loan is paid off) and not with the original bill payer.

For some it is a very attractive deal that should be considered seriously, but as you may imagine the GD is not without its critics:

·         It does not actually guarantee savings, it is only an estimate based on average savings, not your actual energy use.

·         Be aware if the loan is longer than 15 years, there are early redemption penalties.

·         Currently it is not always the case that the guarantee period on energy installations will match the terms of the repayment period, meaning that some people           end up having monthly payments for products that no longer work.

If you would like to discuss the matters raised in this article or any other legal property questions you may have, please do not hesitate to contact any member of our Conveyancing Team.

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