Luciana Berger MP, Labour's Shadow Climate Change Minister, responding to Which?, WWF, and Greenpeace warning the Green Deal will "fail" without urgent reforms of the financing scheme, said:
"To be successful the Green Deal must be a good deal for hard pressed consumers struggling to meet the cost of sky high energy bills. This letter is a yet another stark warning to the Tory-led Government that their current plans simply don’t add up.
"Ministers are predicting that the interest rates on Green Deal loans will be 7.5 per cent, yet in many cases this rate will leave consumers paying more than twice as much for their home improvements.
"For example a Green Deal package worth £10,000, with an interest rate of 7.5 per cent over 25 years, would cost £22,000 in total to pay back. Only this out of touch Government could believe the public will think this represents a good deal.
"To make the Green Deal work, ministers should keep to their commitment and use the Green Investment Bank to provide Green Deal finance at an affordable rate for families and businesses."