£8.5m paid out for Green Deal Home Improvement Fund
By Katie Anderson on June 27, 2014
Please note: On 23 July 2015 the government announced that it has ceased funding for the Green Deal. This means there will be no further funding to the Green Deal Finance Company and no more releases of the Green Deal Home Improvement Fund.
It only went live on 9th June. But in the 2- 3 weeks since its launch home improvers are already flocking to take advantage of the Government’s Green Deal Home Improvement Fund. With more than £2,800 applications the fund has already issued vouchers totalling £8.5 million, according to industry estimations.
The fund got off to a flying start, with around £2.6 million paid out in the first week of its launch. As of 26th June, the Green Deal Home Improvement Fund has received 2,821 applications and a whopping £8.5 million has been issued from an initial investment pot of £50 million.
The Green Deal Home Improvement Fund, part of the Government’s Green Deal Scheme, provides financial assistance to homeowners, tenants and landlords who want to make their homes more energy efficient. It means installing energy saving improvements from an approved list of 1 2 measures.
Commenting on the cashback initiative, Energy and Climate Change Secretary Ed Davey said the Government was aware that the initial cashback scheme, introduced when the Green Deal launched in January 2013, failed to live up to its potential. In fact, it was wildly criticised and poorly received. That experience lead to a new and improved cashback which is far more generous.
“We’ve changed the Green Deal to make it simpler and faster for people to make their homes more energy efficient,” said Davey. “You could get up to £7600 back, straight into your bank account… I want as many people as possible to benefit from this unmissable offer.”
So what’s on offer? Domestic energy customers are being encouraged to give their homes an energy efficiency makeover, whether that’s fitting a new condensing gas boiler, double glazing or cavity wall insulation, for example. Up to £1,000 is on offer if you install two approved measures, and/or up to £6,000 to get your solid walls insulated. This is topped off with an extra £100 for a Green Deal Assessment – it’s mandatory to get your property assessed – and an additional £500 if you have lived in a property up to 12 months to submitting your application.
Of course the cashback won’t cover the complete costs of the improvements you make, so you will need to cover the difference. If you don’t have the available funds, you could look into taking out Green Deal Finance which has an average loan rate of around 7%. But you don’t have to take out a Green Deal loan to take advantage of the cashbacks.
So what do you do now? You need to arrange for a Green Deal Assessment. Although this will cost you anything up to £120, don’t forget you can apply for a refund of up to £100 if you go ahead and carry out the measures the assessor recommends.
Visit Green Deal Guide to find out more about the Green Deal and the Green Deal Home Improvement Fund.