Government boost to Green Deal will help protect consumers
A £7m loan secured by The Green Deal Finance Company (TGDFG) will encourage businesses to become Green Deal certified and protect consumers, according to the Department of Energy and Climate Change (DECC).
The loan, provided by DECC, will give Green Deal Providers access to finance through TGDFC, enabling them to offer low cost finance packages to consumers who are upgrading their homes under the Green Deal.
Along with the loan announcement, the registration process to become a Green Deal Provider has opened and will give the seal of approval to businesses that successfully go through the Green Deal.
Energy and Climate Change Minister Greg Barker said: "The opening of the Green Deal register will enable businesses to start becoming Green Deal authorised and the Green Deal Quality Mark will show they have met our standards.
"Crucially, this will protect consumers, who will know that anyone displaying the Quality Mark has been through the required process to become authorised.
"The loan we have agreed with The Green Deal Finance Company will help them to undertake essential development and be ready to offer finance to Green Deal Providers in early 2013".
Paul Davies, partner at PwC, one of the founding companies behind The Green Deal Finance Company Limited praised DECC for its support for the Green Deal adding that the loan is fantastic news for the industry.
Mr Davies said:" Our members, both private and public, are committed to the Green Deal to lower carbon emissions and address fuel poverty. For TGDFC to access the cheapest sources of finance, we need a strong credit rating and a first rate loans administration capability. This funding will allow us to meet those objectives."
Danny Alexander, Chief Secretary to the Treasury, announced that the Green Deal is also being considered as an early candidate for the use of infrastructure guarantees.
Infrastructure guarantees will provide guarantees for major UK infrastructure projects and could potentially support up to £40bn of investment.