What does the new Green Deal Home Improvement Fund mean for you? – Updated
Are you looking to make your home more energy efficient? The new scheme could help you shave up to £7,600 from the cost of any improvements
For more information on the Green Deal Home Improvement Fund click through to our dedicated guide.
Updated – Government announces £8.5m have been issued within the scheme’s first two weeks.
As of 26 June, 2821 applications have been made for the Green Deal Home Improvement Fund.
Energy and Climate Change Secretary Ed Davey said: “I want as many people as possible to benefit from this unmissable offer. It won’t be around forever, so sign up now and get your home ready for the winter.”
Green Deal seeks to improve energy efficiency of UK homes
The Green Deal home Improvement Fund (GDHIF) launched earlier this month and is a government backed incentive designed to improve the energy efficiency of households across the UK.
Under the GDHIF, consumers can claim up to £7,600 worth of cashback and incentives for carrying out a number of improvements. These include installing double glazing, getting a more efficient heating system and having solid wall insulation installed.
If you are interested in signing up, you might not have too much time to make your decision as the current GDHIF offers are only guaranteed until the government’s initial £50m investment runs out.
Davey : New scheme is ‘very generous’
When the Green Deal first launched in January 2013, it was met with limited success and much criticism. However, Davey has said the Government has learnt from its mistakes and the revamped scheme is much more generous.
Do keep in mind that the scheme will not cover the full cost of any work you decide to undertake on your home. Cashback is limited to two thirds of your expenses and you will be expected to cover the difference. The Green Deal does operate a loan scheme, however, the average loan rate, 6.9%, is unlikely to be the most attractive on the market.
Am I eligible for the GDHIF?
Home owners, tenants and landlords living in England and Wales looking to improve the energy efficiency of a domestic property are likely to be able to take advantage of the GDHIF.
You can apply either through the official Green Deal website, or call the Energy Saving Advice Service on 0300 123 1234.
How does it work?
The GDHIF is made up of four distinct offers. Of these, either Core offers 1 and 2 (or both), must be selected by an interested party. These will form the core of the Green Deal home improvement package. Once these have been selected, consumers have the option to select either one or both of the Add-on offers available (Add-on 3 is only open to those who have moved home in the 12 months before applying to the GDHIF).
*Energy saving improvements include Condensing mains gas boiler, Fan-assisted storage heaters, Flue gas heat recovery, Replacement warm-air unit, Waste water heat recovery, Cavity wall insulation, Flat roof insulation, Floor insulation, Room-in-roof insulation, Double/triple glazing (replacing single glazing), Secondary glazing and Replacement doors.
How to get started?
The easiest way to find out if it’s worth signing up to the GDHIF is to apply for a Green Deal Assessment. This means a registered assessor will inspect your home and work out what improvements it would benefit from. The latter will set you back about £120, but you will be able to reclaim £100 of this if you decide to go ahead with any of the measures recommended.
Once you have made up your mind about what improvements you would like to have made, you will need to apply for a cahsback voucher using the phone number or website listed above. Your assessor may be able to offer a hand with this part of the process.
Once you receive your voucher you have six months to have the improvements installed and claim your cashback.