£600 Million Approved For UK’s ‘Green Deal’ Energy Efficiency Program

11 years ago James Ayre
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£600 million of public support for the UK’s ‘Green Deal’ energy efficiency program was recently approved by the European Union.

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The Green Deal is a program designed to make investing in energy efficiency improvements, such as insulation, lighting, draught-proofing, hot water efficiency, modern boilers, etc, more affordable for homeowners. The loans are then repaid through energy bills, and transfer with the property, rather than the person who took out the loan.

“The UK Green Deal allows consumers and businesses to improve the energy efficiency of their buildings without making huge upfront investments,” EU Competition Commissioner Joaquin Almunia said in a statement.

This type of policy is known as Property-Assessed Clean Energy (PACE) financing in the US (despite the name, it has also been used for energy efficiency projects here).

The EU Commission works as a regulator for the members of the European Union, deciding matters to do with state aid and competition. According to the commission, the program is a well designed effort to improve efficiency in the UK.

Source: Reuters
Image Credits: Houses via Wikimedia Commons

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James Ayre

James Ayre's background is predominantly in geopolitics and history, but he has an obsessive interest in pretty much everything. After an early life spent in the Imperial Free City of Dortmund, James followed the river Ruhr to Cofbuokheim, where he attended the University of Astnide. And where he also briefly considered entering the coal mining business. He currently writes for a living, on a broad variety of subjects, ranging from science, to politics, to military history, to renewable energy.

James Ayre has 4830 posts and counting. See all posts by James Ayre

3 thoughts on “£600 Million Approved For UK’s ‘Green Deal’ Energy Efficiency Program”

  • Otis11
    February 10, 2013 at 10:03 pm
    Permalink

    Out of curiosity are there any substantial arguments against the PACE program? From where I sit it all looks relatively positive.

    I ask because knowing the shortcomings can not only help us create better solutions in the future, but also help us establish that the benefits are more substantial than the costs, so feel free to answer with both costs and the benefits that out-weight them! Thanks!

    “Property-Assed Clean Energy” => “Property-Assessed Clean Energy”

      • Otis11
        February 11, 2013 at 2:54 pm
        Permalink

        I know Fannie Mae and Freddie Mac loans were heavily against it, but that’s just because it cut into their potential profits if homes foreclosed… Didn’t really have a solid arguement – granted they do have a few points, but nothing that can’t be worked with.

Comments are closed.