Green Deal Finance Company will make new Energy Bill possible
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by: forum.doubleglazing1
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At consortium of British companies including British Gas, Carillion, E.ON, EDF Energy, Goldman Sachs, HSBC, Kingfisher, Lloyds Bank Corporate Markets, npower, PwC, RBC Capital Markets and SSE are working together to create the not-for-profit organisation, The Green Deal Finance Company (GDFC).
The GDFC aims to provide the necessary finance for the coalition government’s Green Deal, which allows householders to pay for environmentally conscious home improvements using the savings they make on their energy bills.
The GDFC will provide finance to all companies providing work under the Green Deal to minimise administration and operating costs.
Paul Davies of PwC said, “By minimising the cost of finance to future accredited Green Deal providers, it will create a highly competitive market that will compete on cost, reliability, lifespan and technology. It will maximise the measures that can be included within the Green Deal and for many potential providers will solve the question of where their finance will come from.”
Liberal Democrat MP and Secretary of Energy and Climate Change, Chris Huhne, welcomed the scheme saying, “This is an exciting initiative with the potential to reduce interest rates on Green Deal finance, while also supporting healthy competition amongst Green Deal providers including small businesses.”
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