Caroline Flint MP, Labour’s Shadow Energy and Climate Change Secretary, has called on the Government to make the Green Deal a good deal for consumers, after warnings that the repayment charges could end up more than doubling the cost of the original energy efficiency measures because of sky-high interest rates. Families who try to pack the money back early could also be hit with hefty fines.
Caroline Flint said:
"If it’s done properly, a pay-as-you-save energy efficiency scheme could cut carbon emissions, create jobs and lower bills for families. But the Green Deal must be a good deal for consumers. The public want a simple and affordable scheme so they can improve their home and cut their energy bills.
“It would be completely unfair if the public are forced to pay hefty penalties for doing the right thing and trying to repay their loans as soon as they can. The Government must come clean about what interest rates will be charged on the Green Deal so hard-pressed bill payers know it will save them money. To make the Green Deal work, ministers should use the Green Investment Bank to provide Green Deal finance at an affordable rate for families and businesses."