How to get a Green Deal Finance Plan
Approved Green Deal providers offer finance plans. You should give your Green Deal assessment to any particular providers that you want to get a quote from.
All Green Deal finance providers must inform you:
- How long you will pay for.
- How much you will pay back.
Your provider will then find an installer for you. You can only get a finance plan for improvements if it got recommended in your Green Deal assessment.
Amount You Can Borrow and How Much You Pay Back
You can get finance for an amount based on what they expect you to save on your energy bills. Thus, there is no fixed interest rate. Interest rates will get determined by the amount borrowed through the finance plan.
You should check with your provider for interest rates and extra fees. The company will fix the interest rate for the full term of the plan. That also means you will pay fixed repayment amounts.
Note: The annual repayments on the loan should not be more than the savings you might make on your energy bills.
How to Pay the Money Back
You pay back the loan through a charge added to your electricity bill. If you have a prepayment meter, a small amount will get taken from the meter each day.
Once a Green Deal gets installed it stays with the property. Thus, moving from the home means you no longer get the benefit from the improvements. You also stop paying for them as well.
You can choose to pay off the Green Deal early. But, check with your provider because they may charge a fee for doing so.