No Upper limit for Green Deal Loans for Businesses
Good news! If you are a business looking to apply for the Green Deal, there is no upper limit to the amount you can borrow for your Green Deal loan. This should make the Green Deal extremely attractive to businesses as the interest rate should be better than any offered on the High Street.
When I spoke to the Press office at the DECC they told me that the upper limit will be agreed with the Green Deal provider and the business owner. The main caveat is that the loan must adhere to the Green Deal’s Golden Rule; which states that the cost of the improvements must be paid for with the savings that the improvements make. The maximum limit of time to pay the loan back stays the same, 25 years. You can choose to pay the loan back sooner as long as the Golden Rule still works and the time can be agreed between the business and the Green Deal Provider.
If you’re a business looking to use the Green Deal as a way to cut your energy consumption this is all going to be good news for you, remember that there are no upfront costs to the loans, so this should make the Green Deal a good way to finance energy saving measures and install micro power generation.
Image Credit: http://www.flickr.com/photos/botheredbybees/2367597837/in/pool-749766@N21
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