UK-GBC launches task group to address Green Deal interest rate

30th October, 2013

The UK Green Building Council is launching a new Task Group to examine ways to reduce the current interest rate for the domestic Green Deal.

The interest rate charged on domestic Green Deal plans has come under widespread criticism. The current rate being offered by the Green Deal Finance Company is 6.96 per cent, with the APR for Green Deal Plans ranging from 7.9 per cent to 10.3 per cent. Although these rates are competitive for long-term fixed rate lending, they have been highlighted as a potential barrier to households taking out Green Deal Finance.

Reducing the interest rate could allow more measures to meet the scheme’s Golden Rule principle and potentially reduce the need for customers to make any upfront payments.

The Task Group will also investigate the way Green Deal Finance is communicated to the public.

Christoph Harwood, Partner at Marksman Consulting LLP and Chair of the Task Group, said: “We aim to take a practical view on Green Deal interest rates and help policy makers understand their options.  We are unlikely to come out with a silver bullet solution but what I hope we can do is inform the debate.”

Richard Twinn, Policy and Public Affairs Officer at UK-GBC, said: “It is no secret that the Green Deal has got off to a slow start, with the cost of finance repeatedly blamed.

“It is essential that we now shift the debate onto finding solutions so that we can make the Green Deal a success.”

The Task Group will present its findings in January 2014.

The Green Deal Finance Task Group will be made up of the following UK-GBC members and non members:

Adca Investments

Bank of America Merrill Lynch

Behaviour Change

Carillion

Consumer Futures

E.ON Energy Services

Ecology Building Society

Energy Saving Trust

Forum for the Future

Gentoo

Keepmoat

Marksman Consulting LLP

Saint-Gobain

Travis Perkins

Verco

Willmott Dixon

The Green Deal Finance Company (observer)

Source: UK-GBC

Energy Saving Trust will be exhibiting and hosting a workshop at Retro Expo on 05/06 December at the Business Design Centre, London alongside Travis Perkins and Willmott Dixon. To register FREE for Retro Expo, CLICK HERE.

05 December will also play host to the Retrofit Summit - where David Adams, Technical Director of Willmott Dixon will undergo a panel discussion on the future of ECO. To view the full speaker programme or book tickets to the Retrofit Summit, CLICK HERE.

The evening of the 05 December will play host to the Retro Expo Awards ceremony, where E.ON are sponsoring the Large Scale Retrofit Project of the Year award. To book tickets for the Retro Expo Awards ceremony, CLICK HERE.

The Retrofit London conference will take place alongside Retro Expo on 06 December, where Christoph Harwood, Partner of Marksman Consulting LLP will be discussing the Green Deal for homes and businesses. To book tickets for the Retrofit London event, CLICK HERE.

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