Greg Barker announces multi-million pound Green Deal finance package
Climate Change Minister Greg Barker has announced that the Green Deal Finance Company (GDFC) has signed a deal with the Green Investment Bank (GIB) to release £244m of funding.
The funding will be used to finance homes and businesses looking to improve properties with energy efficient measures, such as insulation and double glazing.
Yesterday, Barker expressed his delight over the deal on Twitter: "Blast off! Just signed formal docs for #GreenDeal Finance Co. releasing £244m of GD funding. Congrats all involved!"
Although details of the deal have not yet been revealed Barker has said that the money will come from the GIB as well as a "great range of companies".
The deal has been announced prior to tomorrows release of statistics by DECC, revealing how the initiative has performed since its launch in January.
Despite reports suggesting that tomorrow's figures will show that the Green Deal has been a success, many are sceptical, saying that the implementation and marketing drive of the scheme have been too poor to see a substantial uptake.
Director of the Global Sustainability Institute (GSI) at Anglia Ruskin University, Dr Aled Jones, who has carried out a Green Deal survey for the Government to determine how interventions can be effective in increasing uptake and which incentives are most attractive, told edie that the Green Deal is actually a solution to a barrier that does not exist.
"Looking at what they are trying to solve, which is getting people to insulate their homes, offering finance with a 7% interest is not going to overcome this barrier and get insulation happening at scale," he said.
Check back on edie for details on the statistics