For proposed economic stimulus program in the United States, see Green New Deal. For set of policy initiatives by the European Commission, see European Green Deal.
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The Green Deal was a UK government policy initiative that gave homeowners, landlords and tenants the opportunity to pay for energy efficient home improvements through the savings on their energy bills from 2012 to 2015. At the heart of the Green Deal was the rule that savings on bills would exceed the cost of the work. By meeting this 'Golden Rule', consumers were able to receive energy savings without direct cost. Consumers then paid back the cost of such improvements through the expected savings in their energy bills. However, there is no guarantee that the eventual savings made by consumers will match the cost of the loans they take out to make the improvements and industry bodies recognised there was a risk consumers could end up out of pocket.[1]
There were 45 different types of improvements available under the Green Deal, ranging from loft and cavity wall insulation, innovative hot water systems and condensing boilers to more costly measures such as solar thermal energy or solid wall insulation.
This was a unique financial structure with no debtor, instead the burden stayed with the property no matter the tenant. This means new tenants or owners become liable for the payments for the energy efficiency improvements, requiring new legislation in English law.[citation needed]
It was hoped the Green Deal would lead to the renovation of the UK's housing stock with an estimated 14 million homes seeing energy efficiency improvements ranging from; double glazing, cavity wall and loft insulation through to gas and oil boilers, and renewable technologies such as solar PV, solar thermal and heat pumps.[2] Ultimately only 1,754 householders signed up to the scheme and it was discontinued to save taxpayer money [3]
^"'Energy efficiency' Green Deal launched by government". BBC News. 28 January 2013.
^"The Green Deal?". Greendeal.co.uk. Retrieved 15 May 2012.
^"Green Deal funding to end, government announces". BBC News. 23 July 2015.
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