Money Back On New Windows
You may have already heard about the Green Deal which provides a means of financing the cost of things like boiler upgrades, solid wall insulation and much more … including double glazing, windows and doors … from the projected savings that are made on energy bills. Despite being a little complex, it can actually pay off very well. Taking this a step further, it’s now also possible to claim cash back on certain energy saving home improvement measures, again – including double glazing.
What Are Green Deal Grants Or Loans?
With energy efficiency, £100’s can be saved every year on electricity and gas bills, and equally important, a home can become a more pleasant place. The big idea is that energy-saving home improvements can be made to a property with the help of the Green Deal, and the money saved from energy bills can be used to pay for it. For instance, money can be borrowed to get double glazed windows installed. Anyone can apply these special grants or “loans,” even if they are not on lower incomes.
Will Monthly Costs Increase?
Many people may be wrongly put off since it can be regarded as a loan, but it is not actually a traditional loan because it’s available to everyone, regardless of credit rating, as long as the energy savings measure meet the required criteria and the monthly repayments are are less than the amount saved on fuel bills meaning that you will actually be in pocket! To give you an example, if you are currently paying £1,200 a year on your gas and electricity, by taking out a number of energy saving measures such as solid wall insulation, a new energy efficient boiler, double glazing etc it may be possible to reduce this annual bill to £1,000. The cost of these measures can be paid for using a Green Deal loan and the cost of the loan may be £150 leaving you with an improved home that cost you £50 a year less than before. Simply put but you get the idea how it works – there will be a net reduction in expenses and the home will become more efficient.
Unlike normal lenders, the credit eligibility for the Green Deal is not strict and tough – out of all the people who apply, 80% of them get accepted, which is a much greater approval rate than that of a normal loan – the focus is on the savings made than the credit rating. The money can be paid back by the homeowner over a long period of time, usually anywhere between 10 and 25 years and the repayments are made directly by the energy company rather than the homeowners. The repayments are taken from the electricity bills by the energy firm.
What Can The Green Deal Be Used For Other Than Double Glazing?
Residents of the United Kingdom can be borrowed cash a myriad of energy-efficiency home improvements other than double glazing. A homeowner could be eligible for just double glazing or double glazing combined with these other improvements. The only limit is that the improvements must be useful and save more than they cost so that through Green Deal finance, they should be able to pay for themselves.
Double glazing means double protection of the home – it prevents heat from escaping and the cold getting in during the winter months and vice versa during summer. Depending on the season, heat and cold are either trapped inside or outside since the two windows have a layer of gas between them. The value of a home can also be boosted by double glazing. This is why the cost of upgrading to double glazing is included within the Green Deal framework of eligible energy saving measures.
The Green Deal can also be used for the following improvements:
— Cavity wall insulation
— Heating controls
— Loft insulation
— New boiler
— Solar panels
— Solid wall insulation
— Underfloor heating
— Many more improvements
Claim Money Back On The Cost Of Double Glazing:
This June (2014), the Green Deal Home Improvement Fund (GDHIF) was been launched. Homeowners in England and Wales can now access this fund which further encourages the uptake of energy saving measures by providing a further incentive in the form of money back on the cost of Green Deal energy-saving measures.
How Much Money Can Be Claimed Back?
There are currently four main offers:
Offer 1: Up to £1,000 can be claimed back, if two “main” energy saving measures are installed, which includes double glazing.
Offer 2: Up to £6,000 can be claimed back if solid wall insulation is installed.
Offer 3 (an “Add-on”) : £100 of assessment cost can be claimed back.
Offer 4 (an “Add-on”) : For homes purchased in the past year, a 500 bonus can be claimed back if they are being improved.
When looking to get home improvements done from now onwards, it is definitely worth claiming money back on the cost of double glazing through the Green Deal Home Improvement Fund (GDHIF). Under the GDHIF, the total cashback award can be anywhere between £4,000 and £6,000. In ALL cases it starts with a home assessment which will be carried out by a Green Deal assessor who will then make the recommendations and explain the difference finance packages available and what money back grants are there for the taking!
The cost of this assessment varies but will be around £120 of which £100 can be refunded under the GDHIF money back offer so, what are you waiting for, book an assessment today!