Just five weeks into the scheme, over £36 million pounds worth of vouchers have now been issued by the UK government’s Green Deal Home Improvement Fund. This means the first £50 million, current rates guaranteed, could be used up within the next two weeks at the current rate of uptake.
The new £7600 incentive offered to households is split into a number of parts; £1000 is given for installing two measures from an approved list of renovations, £100 is available towards the cost of an the initial assessment and £6000 is on offer for the expensive procedure of installing solid wall insulation. Those who’ve bought their property within 12 months of application to the scheme are also eligible for a further £500.
It is unknown at present, what the government will do once the £50 million threshold, has been reached. Although, it is understood that this £50 million is part of £120 million available during this current financial year. Government could decide to reduce the subsidy for some or all the measures or simply release more money and put it into the GDHIF pot. No doubt there will be surplus funds available from the previous Cash-back scheme that finished on 30 June 2014.
However, government needs to move quickly in order to avoid being accursed of “roller-coaster intervention” by the industry and householders – which fails to create a sustainable market that is of benefit to both householders and installers.
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