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Making your home more energy-efficient — Green finance options

You might have heard about “green mortgages” and “property-linked energy efficiency finance.” Don’t worry; it’s not as complicated as it sounds!

Green mortgages are like regular mortgages, but they have extra benefits for making your home more eco-friendly. They can make it easier and sometimes more affordable for you to upgrade your home’s energy efficiency. Big banks and building societies like Barclays, Nationwide, NatWest, and Virgin Money offer these special mortgages, giving you plenty of options.

When you choose a green mortgage, you’re not just saving money

You’re also helping the environment. These mortgages are often connected to making your home more energy-efficient. Think of it as a win-win situation! You can enjoy lower fees, better interest rates, and even cashback on larger loans whilst reducing your energy bill and making your home more valuable at the same time.  

To determine which upgrades will save you the most energy and money, you can get an Energy Performance Certificate (EPC). It helps you identify ways to make your home more energy-efficient.

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Did you know that many people now see the importance of energy efficiency? Research by the Green Finance Institute found that 83% of people think it’s crucial. They want to reduce their energy bills and help the environment.

With rising energy costs and international events like COP26, hosted by the UK in 2021, almost everyone thinks about energy efficiency. Nearly 90% of homeowners consider it necessary, a significant change from just a year ago.

But here’s the catch: most homeowners find it hard to pay their energy bills, which is why energy efficiency is so important. In the past, only about 25% of people considered using green mortgages to make their homes more energy-efficient. But now, with rising interest rates and prices, more people are looking for ways to save on energy bills.

The Green Finance Institute thinks investing in energy efficiency is a great idea.

They say it’s a way to make our homes better for the environment and more affordable for us. But here’s the challenge: making UK homes energy-efficient could cost around £250 billion by 2050. That’s a lot of money! We need help from the government, private companies and individuals to make it happen.

Remember the “UK Green Deal”? It was supposed to help people make their homes more energy-efficient without paying everything upfront. But it didn’t work out so well. Why? Well, it had some issues in its design and complexity, and it failed to reach enough people. The marketing and promotion were ineffective. It was hardly surprising when those responsible for promoting the scheme were the same energy companies profiting from selling energy! 

But don’t worry, there’s hope! The UK government is considering a new way to help homeowners make their homes more energy-efficient. It’s called “Property-Linked Finance for Home Energy Efficiency,” it’s all about reducing emissions, reaching environmental goals, and getting lots of private investment.

So, what is this “Property-Linked Finance” thing? It’s yet to be available in the UK, but it’s a big deal in the US and worldwide. Basically, it’s a way to get money for energy efficiency improvements that stay with your home even if you sell it.

This new approach inspired by the “Property Assessed Clean Energy” (PACE) program in the United States has many benefits, like making it easier to pay for energy upgrades, increasing the value of your property, and even making your home more attractive to buyers.

One of the best things about Property-Linked Finance is that you don’t have to worry about paying it all back right away. It sticks with your property so that you can enjoy energy savings right from the start.

And it’s not just about saving money; it’s also about making your home more comfortable and healthier. It can help with issues like dampness, mould, and cold, which many people struggle with. Plus, it could reduce healthcare costs too!

More positives – Property-linked Finance should create jobs and boost the economy

It’s a win-win for everyone. Plus, it helps the environment by reducing carbon emissions and supports the UK’s net-zero emissions goal.

Even financial institutions are interested because it offers new investment opportunities and reduces risks. It’s a win for them too!

We need help from the government, financial institutions, and the retrofit industry to make this happen. If we work together, we can make our homes more energy-efficient and do our part for the planet.

For more information, you can visit the Green Finance Institute. They have all the details about how to make your home more energy-efficient and simultaneously help the environment!

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