Consortium set up to fund renewable energy equipment in homes

A number of leading companies in the banking, energy and building sectors have joined forces to set up a not-for-profit organisation to help fund the installation of renewable energy equipment.

The Green Deal Finance Company (GDFC) will provide cheap loans to both businesses and home owners who want to install renewable energy equipment, as part of the government’s Green Deal scheme.

It is hoped many people will install renewable energy equipment such as solar PV panels, ground source heat pumps and biomass boilers as part of the scheme to not only reduce their energy costs but to also help the government meet its targets on carbon emissions.

One of the rules of the scheme states that loan repayments must never exceed the savings on energy bills, so it is hoped that this will encourage people to take up the finance options available.

The Energy Secretary, Chris Huhne, said:

“New firms like the Green Deal Finance Company are testament to the attractiveness of the Green Deal framework and its potential to offer a better deal to consumers.”

The GDFC is made up of 16 members including energy companies such as British Gas and npower, banks such as HSBC and Lloyds and retail group Kingfisher who own B&Q. It is hoped that more companies and local authorities will become part of the group to make the funding as accessible as possible.

There are also a number of other government incentives available for home owners who install renewable energy sources including feed in tariffs as well as the Renewable Heat Incentive which is due to be launched in autumn 2012.

Replacing a boiler with a more environmentally friendly version, whether it’s a wood chip and log boiler or a wood pellet and log boiler can help you make significant savings on your heating bills, and as they use all your existing pipes, it is easy to install and can cost much less than you expect.

If you’re looking for advice on renewable energy then contact independent advisors Enerfina. They can recommend the ideal source for your home and have also negotiated special deals with suppliers to ensure that you get the best price possible for your renewable energy equipment”