The opportunity to get loans of up to £3,000 is being offered by a bank in Bolton with the stipulation it is spent on appliances for the home or energy efficient improvements. The loans, known as green loans, are interest free as long as all the payments are made on time and proof is showed that the money was used to purchase energy efficiency measures.
Owners or renters can only apply at Hoot Bolton Credit Union and the proceeds can be use to fix and improve a range of things including cavity wall insulation, heating controls, heating systems and loft insulation. Also the residents have the opportunity to purchase different appliances such as washing machines or fridges that have the A rating for energy saving.
The bank feels that if the house is energy efficient the cost of utilities will be less and the environment will be better off as well. The Green Loan initiative is the work of the Hoot Wise Money Credit Union and the Bolton Council.
A Bolton Council executive member said that this is a great way to save both money and energy and help with the continual problem of carbon emissions. All applicants must be members of the Hoot Bolton Credit Union in order to be eligible for the loan.
Once the loan is repaid in full and provided the repayments were made on time and the money was used for the appliances or energy efficiency improvements then a full credit of any interest paid on the loan will be given.