Overall is still better than the inefficient older housing
San Francisco, CA -- (SBWIRE) -- 02/01/2013 -- The Green Deal, which is a government program to transition millions of homes to more energy efficient models, will be fully live by Monday. However, it will be a case of “Deal or No Deal” once owners decide what of the offered changes can truly provide savings.
The mainstay of the scheme is that new ways for people to improve their homes while having to shell out hefty sums of money upfront, which not everyone is keen to. Basically, the system is a type of personal loan wherein one pays for the work time through their electricity bill. The overall goal is that the monthly repayments will be covered by the savings that one makes as a result of having the systems installed.
Ministers were busy this week giving the Green Deal a hard-sell treatment, and with an added bonus of cash back on offer from the government to encourage persons signing up. The concept is that the government will pay an individual for the work done, and that the individual will slowly pay the fee back through the savings that their energy bill creates.
However, there have been growing doubts regarding whether the math adds up. For the Green Deal to make sense, the estimated savings on the bills would need to exceed the cost done. When Money crunched the numbers, it appeared that the figures simply could not add up. Part of the reason is due to that repayments include interest that bumps the total cost higher.
To be able to see quality return from the scheme, one would need to have a house that is severely lacking in modern money-saving systems already. Items like a archaic boiler or a heavily drafty house would certainly help one see a positive return.
The concept behind the Green Deal does make a lot of sense, regardless of less-than-stellar returns. Just as the government has stated, millions of buildings are highly inefficient, and the waste of energy does in fact prompt higher prices. The average household bill has more than doubled since 2004, according to Ann Robinson of uSwitch.com. She believes the total will increase by 15% over the next 18 months.
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