DECC approves £7m loan to The Green Deal Finance Company

A £7m loan from the Department of Energy and Climate Change (DECC) to The Green Deal Finance Company (TGDFC) has been agreed today, coinciding with the opening of the register for Green Deal Providers, Assessors and Installers.

Green Deal Providers successful in the Green Deal authorisation process will be able to access finance through TGDFC, expected to be available early 2013. This will enable them to offer low cost finance packages to consumers upgrading their homes under the Green Deal, effective this October.

All authorised Green Deal Providers, Assessors and Installers will have to display the new Green Deal Quality Mark to demonstrate they comply with the required Green Deal standards. This will be vital for protecting customers from any rogue traders. Only registered and authorised businesses will be able to use this mark.

Government is using this milestone to showcase its commitment to working with the private sector to provide finance at a low but sustainable cost to Green Deal customers. The Green Deal is also being considered as an early candidate for the use of infrastructure guarantees, Danny Alexander, the Chief Secretary to the Treasury, announced today. Infrastructure guarantees will provide guarantees for major UK infrastructure projects, with the potential to support up to £40 billion of investment.

Energy and Climate Change Minister Greg Barker said, “I’m delighted to announce a number of important developments for the Green Deal today. The opening of the Green Deal register will enable businesses to start becoming Green Deal authorised and the Green Deal Quality Mark will show they have met our standards. Crucially, this will protect consumers, who will know that anyone displaying the Quality Mark has been through the required process to become authorised.

“The loan we have agreed with The Green Deal Finance Company will help them to undertake essential development and be ready to offer finance to Green Deal Providers in early 2013.”

Businesses wishing to become Green Deal Providers can apply directly online to become authorised, while accredited certification bodies will be able to submit the details of Assessors and Installers to be authorised.

New guidance is available on the DECC website which clearly explains what is required to get the Green Deal Quality Mark and to become an authorised Provider. This complements existing guidance setting out how to become an authorised Assessor or Installer.

Government assures that the Green Deal will open up the energy efficiency market, empowering new players, including small and medium sized businesses, to enter and innovate. The Green Deal will initially cover 45 different improvements for domestic and non-domestic buildings and is expected to support up to 60,000 jobs in the insulation sector alone by 2015.