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Government launches green loans for homeowners

2/3/2010

Miliband sets out Pay As You Save scheme.

Energy secretary Ed Miliband is today expected to launch government's new Pay As You Save initiative, which allows homeowners to access loans to fit solar panels and carry out other energy-saving home improvements. The scheme is already being trialled by government.

Government expects the initiative to encourage greater homeowner uptake of energy saving measures. It aims to address key obstacles to take up, notably the substantial upfront investment for items such as solar panels, and the inability to reap the payback when homeowners move house. The Pay As You Save loan will attach to the property, rather than an individual.

Government hopes to work with banks and retailers to offer loans. Retailers are showing an increasing interest in the green home improvement sector, and Marks & Spencer has already announced plans to market energy saving items such as insulation and solar panels. The Conservatives have also announced proposals for a loans scheme, called the green deal.

Details of Pay As You Save are at www.decc.gov.uk.