Jan. 14 (Bloomberg) -- The U.K. government started a 125 million-pound ($201 million) cash-rebate program to encourage uptake of its Green Deal energy efficiency initiative designed to fund upgrades of insulation and heating in homes.
Cashback payments of more than 1,000 pounds could be available for the first households to book Green Deal measures such as loft insulation and new heating systems, the Department of Energy and Climate Change said in a statement.
The Green Deal, which starts Jan. 28, is at the heart of government plans to reduce energy demand, helping consumers cope with rising bills while curbing emissions. Users of the Green Deal program pay for measures through their electricity bills, with repayments not supposed to exceed energy savings resulting from the upgrades. Companies including EON SE, Centrica Plc’s British Gas unit and SSE Plc are among the appointed providers of efficiency packages.
“The Green Deal will be a great offer for people to insulate their homes from the cold, and their wallets from rising energy prices,” Energy and Climate Change Secretary Ed Davey said in the statement. “Our cashback scheme is a generous offer but it’s first-come, first-served so householders need to be quick off the mark,” he said.
Payments include 650 pounds for households installing solid wall insulation, 390 pounds for flat roof insulation and 150 pounds for replacing storage heaters. These rates last until the first 40 million pounds of the rebate is used after which they’re likely to reduce, according to today’s statement.
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