Green Deal MSE Guide Discussion

Me_fishy_u_chippie

howee wrote: »

It's easy to knock green deal, complicated, interest etc etc but the folk who knock it (inc Labour), have no answer as to what they would replace it with?

Answers on a postcard, until then lets give GD a go.

Howee, ALL the answers are on this thread, dozens of them in fact, read them! This forum is for people interested in saving money, not wasting money. If you take the time to read the comments here you will quickly establish the reasons (not knocking) why the deal is so poor. Suggestions by the bucketload have been given. I'm drowning, not waving! x

sheffield_lad

Me_fishy_u_chippie wrote: »

Howee, ALL the answers are on this thread, dozens of them in fact, read them! This forum is for people interested in saving money, not wasting money. If you take the time to read the comments here you will quickly establish the reasons (not knocking) why the deal is so poor. Suggestions by the bucketload have been given. I'm drowning, not waving! x

Ummm, just read through the pages I might have missed but don't see anything other than some questioning the method of getting the assessment/work done and another bloke who's motives for knocking the scheme being political. While I see valid reasons to raise concerns over the implementation just saying it will never work or it's a rip off etc etc is not getting to the basic issue which is finding a solution to the issue of improving the insulation/heating of homes without the tax payer being hit for it.

As I said the GD is complicated but there is no better alternative either political or financial at this present time. So why knock it if it's the only deal in town?

Richie-from-the-Boro

howee wrote: »

Ummm, just read through the pages I might have missed but don't see anything other than some questioning the method of getting the assessment/work done and another bloke who's motives for knocking the scheme being political. While I see valid reasons to raise concerns over the implementation just saying it will never work or it's a rip off etc etc is not getting to the basic issue which is finding a solution to the issue of improving the insulation/heating of homes without the tax payer being hit for it.

As I said the GD is complicated but there is no better alternative either political or financial at this present time. So why knock it if it's the only deal in town?

- why not knock it ?

A loan, repaid through energy bills and permanently attached to the property so if ever sold, the debt stays with it. I for one am not sure anyone, even one anyone, would want to take on a property with someone else's 100%+ debt hanging over it. Future saleability, early repayment penalties, pre-loaded energy costs of between 6.9% and 10.9%, and and an asset unsaleable for 30 years is a good idea. Taking out a personal loan and repaying it as quickly as possible is a much better idea.

- borrow £3400.00
- pay back £8573.87
- daily interest would continue to accrue at 0.69 per day
- that's more than a 100% interest accrued over the 13149 day loan
- actual simple interest on £3400.00 would be £8573.87
- principal + interest would be £11973.87
- the home is likely to be unsellable and shackled till 31/01/2049

- why not knock it, its doing nothing at all for those who would like to use it - there are alternatives

epcdave

A good summary of the green deal on YouTube, the real green deal :rotfl:

sheffield_lad

Richie-from-the-Boro wrote: »

- why not knock it ?

A loan, repaid through energy bills and permanently attached to the property so if ever sold, the debt stays with it. I for one am not sure anyone, even one anyone, would want to take on a property with someone else's 100%+ debt hanging over it. Future saleability, early repayment penalties, pre-loaded energy costs of between 6.9% and 10.9%, and and an asset unsaleable for 30 years is a good idea. Taking out a personal loan and repaying it as quickly as possible is a much better idea.

- borrow £3400.00
- pay back £8573.87
- daily interest would continue to accrue at 0.69 per day
- that's more than a 100% interest accrued over the 13149 day loan
- actual simple interest on £3400.00 would be £8573.87
- principal + interest would be £11973.87
- the home is likely to be unsellable and shackled till 31/01/2049

- why not knock it, its doing nothing at all for those who would like to use it - there are alternatives

but its not for 30yrs is it. That all depends on the type of insulation/boiler etc you get. If someone is foolish enough to replace windows tthat's a different matter.

Most loans will be for insulation cavity/loft (Payback well within 5yrs), or boiler longer but certainly not 30yrs.

As for loans on homes lets see, if the conveyancer has the capacity to explain how GD works there should be not too much of an issue.

Should there be an easier way to update the home? Yes and future tweaks will come but the principle of being able to borrow money from the savings made on the bills is a good one. I recommended a family to a scheme only this week (no I am not a GD assessor), as they had no heating other than electric portable heating. Forget selling the house as an issue they have just had a quarterly bill for £700+ and are still freezing. They want a solution to heat the house and lower bills. The solution? Storage heaters via GD.

sheffield_lad

epcdave wrote: »

A good summary of the green deal on YouTube, the real green deal :rotfl:

you could easily say or make a video of EPC's and their worth but we won't Dave

Coulsdon_Town

Quote : Have just spent a night at a friends house, they have got the green deal done with pv panels, they were telling me their system is a 3kw that cost £12k and that they are being charged 20% apr for the system, they will recieve a dividend 4 times a year for just over £100 which is aimed at helping pay for the cost of the system, when I heard these details I was quite shocked but maybe I am not understanding something about the green deal, can anyone shed some light as it whether this is a good deal or as I suspect a really bad deal, I can't quite decide if the green deal is for us tbh, after talking to friends this evening I am think no but I could be totally wrong

And a response

Ecodave wrote: »

Elentan,

I doubt that your neighbours have used Green Deal finance to install their solar panels. For a start, a solar installation without the involvement of the Green Deal process can take a coupe of months to organise, Green Deal only launched at the end of Jan. Problems with software meant that no plans were written anywhere in the country for the first month. When were their panels installed? All this is before I point out that GD finance would only cover a fraction of the install cost of solar pv, so the bulk would have been financed in a traditional format.

If you want to consider GD as a vehicle for improving the energy efficiency of your home then that's great, but please ensure you understand how it works before you pay for an assessment.

And my view : As suggested below, i also think this was NOT Green Deal but a dodgy salesman. I think Minxie61 (see page 13) had a broadly similar visit but didn't sign up as far as i know. Both descriptions sound to me as follows : SOLAR PANEL salesman arrives and talks about green deal, then signs you up for a standard solar panel deal WITHOUT any green deal involvement. Variation : his deal is worse than usual because he uses the green deal publicity to make you think you have got grants, cashback and a generally hot new scheme, as he knows you don't understand how the green deal is MEANT to be structured.
Dishonest salesmen migrate to the next sure thing - i suspect we are seeing some of them move from double glazing to solar panels, which can now be made more seductive by green deal unfortunately.

sheffield_lad

A few folk are having solar fitted with no up front costs (not rent a roof), how it works is via a finance agreement where the FIT payment pays off the initial loan. When the loan is finished (10yrs ish), the FIT goes to the homeowner. This may be what the poster is thinking about I know a few installers doing this with Hitachi finance as partners.

Cardew

howee wrote: »

A few folk are having solar fitted with no up front costs (not rent a roof), how it works is via a finance agreement where the FIT payment pays off the initial loan. When the loan is finished (10yrs ish), the FIT goes to the homeowner. This may be what the poster is thinking about I know a few installers doing this with Hitachi finance as partners.

What price are these firms charging for an installation? Are they competitive or £thousands more than prices for self funded panels?

Ditto interest rates?

sheffield_lad

Cardew wrote: »

What price are these firms charging for an installation? Are they competitive or £thousands more than prices for self funded panels?

Ditto interest rates?

Hi I am not sure on cost but I don't see why they would be higher as the agreement is not with them its with the finance partner the interest rate is 7.9apr.

I will send you a link as I don't want to put their name on here but I am sure more than one co are doing this.