What funding is available for my Green Deal package?

Improve your home's energy efficiency with financial incentives from Solent Green Deal. The information and links below will help you to compare the options that might be available to you.


Cost of Energy Bill

Green Deal Finance Package

The  Green Deal plan is based on pay-as-you-save financing, where the initial costs of installation are met by a loan from the Green Deal Bank. Your Green Deal Provider will determine the terms of the loan, i.e. how much you can borrow, for how long, and what the interest rate will be. You will be subject to a basic credit check, however this should not affect your credit rating. 

The loan is attached to your property's electricity meter, and a monthly repayment added to the electricity bill. The Green Deal Provider will inform your electricity supplier that the charge is to be added, and they will contact you to confirm the details. 

A key stipulation, known as the Golden Rule, is that the monthly repayment amount cannot exceed the expected monthly energy savings once efficiency measures have been installed. Furthermore, the term of the loan cannot exceed the expected lifetime of the improvements. 

Most Green Deal improvements are expected to reduce your heating bill because you will be using less electricity, gas or oil. Remember, that your actual savings will depend on how much energy you use and the future costs of energy. 

If you move out, the new occupier will benefit from the improvements so they will take on the repayments.

 

Other Methods of Funding

Green Deal finance is just one of the ways to pay for your energy efficiency improvements. Other options include:

  • Using your own savings
  • Taking out a personal loan
  • Extending your mortgage

Take a closer look at our funding matrix to compare the options available.

Signposts

Green Deal Measures