Important next steps for Green Deal
A £7m loan from the Department of Energy and Climate Change (DECC) to The Green Deal Finance Company (TGDFC) has been agreed that will allow TGDFC to continue developing its offer of low cost finance, expected to be available early in 2013.
Green Deal Providers will be able to access finance through TGDFC, enabling them to offer low cost finance packages to consumers upgrading their homes under the Green Deal.
The Green Deal is also being considered as an early candidate for the use of infrastructure guarantees, as Danny Alexander, the Chief Secretary to the Treasury, announced. This demonstrates the Government’s commitment to working with the private sector to provide finance at a low, but sustainable, cost to Green Deal customers. Infrastructure guarantees will provide guarantees for major UK infrastructure projects and could potentially support up to £40 billion of investment.
As of today, the register for Green Deal Providers, Assessors and Installers will open. The register will give the seal of approval to businesses that successfully go through the Green Deal authorisation process.
All authorised Green Deal Providers, Assessors and Installers will have to display the new Green Deal Quality Mark to demonstrate that they comply with the required Green Deal standards. This will be vital for protecting customers from rogue traders. Only registered and authorised businesses will be able to use this mark.
Energy and Climate Change Minister Greg Barker (pictured) said: “I’m delighted to announce a number of important developments for the Green Deal. 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 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.
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 initially covers 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.
DECC and HM Treasury are jointly looking at whether, and how, credit enhancement could work to catalyse private finance to get the Green Deal off to a successful start.
The Green Deal has been identified as a priority sector for Green Investment Bank investment. The Green Investment Bank is in discussions with a number of private sector entities, including The Green Deal Finance Company, regarding potential investments of up to £300m subject to its investment criteria being met.
Assessors and Installers must demonstrate they meet Green Deal standards and must sign up to the Code of Practice by applying to one of the accredited certification bodies, who will then register them with the Green Deal Oversight and Registration Body.
From 1st October 2012 all authorised Green Deal Providers, Assessors and Installers will have to display the Quality Mark to demonstrate compliance with the required Green Deal standards.
Anyone can become a Green Deal Provider as long as they meet the requirements in the guidance and pass the ‘fitness test’. Typically, it will take around 28 days from application to become authorised, although this process could be longer if further information is required.
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