The Green Deal
The Green Deal (GD) commenced on the 28th January2013 and is the new government initiative designed to help business and homeowners to employ more green technologies in their properties. The idea is simple;install new green technology into your property with no up-front costs. Youwill pay back the costs through your energy bill over a period of time. This isunlike a conventional loan because if you move out of the property the billstays with the property where the savings are made (until the total loan ispaid off) and not with the original bill payer.
For some it is a very attractive deal that should beconsidered seriously, but as you may imagine the GD is not without its critics:
· It does not actually guarantee savings, it isonly 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 theguarantee period on energy installations will match the terms of the repaymentperiod, meaning that some people end up having monthly payments for productsthat no longer work.
If you would like to discuss the matters raised in thisarticle or any other legal property questions you may have, please do nothesitate to contact any member of our Conveyancing Team.
