Green Deal in trouble
The Green Deal was a scheme developed under the Energy Act 2011 to improve the energy efficiency of buildings in Great Britain. However, take up has not been as dramatic as the government had originally hoped.
It announced in July that it would no longer fund the Green Deal Finance Company, which is the only active provider of finance for this scheme. Unless alternative sources of finance are obtained, it is difficult to see how it can continue to operate. The basis of the scheme was to facilitate the installation of energy efficiency improvements on a “pay as you save” basis, with the capital cost of the improvements being borrowed from Green Deal finance providers. The company will now have to replace the government finance facility with an alternative source through the open market. It is not expecting to be able to do this before 2017.
Speak to our commercial property team for legal advice on anything property-related. Contact them here.We're here to help