£49m package for Green Deal loan company

A firm set up to provide loans as part of the government’s flagship energy efficiency programme is in line to receive a £49 million package. The Green Deal Finance Company […]

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By Priyanka Shrestha

A firm set up to provide loans as part of the government’s flagship energy efficiency programme is in line to receive a £49 million package.

The Green Deal Finance Company (GDFC) said DECC has put forward a proposal to provide a £34 million fund, which is subject to contract.

Private sector investors, including all the Big Six energy suppliers and companies like Carillion, PwC and Insta Group, could also provide funding worth up to £15 million.

The Green Deal scheme allows householders to make energy-saving improvements through installations such as double-glazing and insulation. The cost of the work is repaid through a charge added to the homeowner’s energy bills.

The GDFC currently has more than 8,000 ongoing plan applications worth nearly £29 million and is receiving requests worth £1.51 million a week.

Mark Bayley, GDFC Chief Executive said: “We are now also consulting our investors on our sensible step-by-step plan to enhance the PAYS model and increase its availability to a wide market.”

Investors are due to give their formal consent by 3rd December.