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.
