In the next few months a new service is going to be launched which is going to offer homeowners the ability to invest in energy efficient and renewable energy projects. This is the first sort of project of its kind in the UK and it is going to offer low-interest loans to homes which can utilise green technologies.
The idea is that people who lack the cash to invest in green incentives are going to be supplied with the money so that they can install them. They will pay the money back over the longer term and also benefit from any of the cost savings associated with greener products, such as lower electricity and heating costs.
The financial product is being provided by ReEnergise Finance and the money is going to be exclusively provided in order to spend on things such as new windows and replacing boilers. The director of the company is Adam Hewson and he has stated that the new financial offering bridges the gap between traditional lending, and green products.
The company already act as a broker for companies that are looking to bankroll green technologies and energy efficiency drives. They are an important member of the flagship scheme by the government, the Green Deal.
The exact nature of the loans are still being worked out but it is expected that they will be offering finance for projects that are valued up to £100,000. The company is currently in talks with additional funders who are capable of providing extra capital.
The company is already working with many asset finance companies in order to provide loans to the value of up to £5 million. The company stated that they are launching the scheme in order to help reduce the cost of borrowing for people with a green mindset.