Help With Green Deal Scheme

gb1991

Hi,

I am looking for help with a green deal eco scheme i used to install a new boiler in my new property.
I moved into the property in May 2015 and the new boiler was installed in the December of 2015.
To be honest and its something i regret not looking into but i didn't really understand what was going on and just seen a new boiler for a cheap deal as a great idea. We worked out a deal to pay £49.31 for 10 years i believe.
Now however me and my now ex partner have split and i stay in the house alone which has 4 bedrooms so being alone the energy bills have reduced considerably! i work almost every day so don't spend much time at home.

Is the pricing something that can be altered as the price of the repayments surely are no longer correct as it was worked on a house with another adult an kids living in it. The cost of the total repayments by far exceeds the price of just installing a new boiler system.
I have tried contacting the original company but they are no longer in business.

Any advise on what i should do?

Thanks

spiro

Do you mean Green Deal or ECO as I believe they are 2 things. The GD is where you have items installed and the cost is repaid through your electricity bill and the payments will be less than the saying on energy. ECO is where energy companies install items as part of a government obligation.

gb1991

Hi,

Thanks for the reply, from what you have described it is a Green Deal.

Where is the best place to go or best people to contact regarding this and what can be done to alter the plan i am on?

thanks

System

You could try:

Energy Saving Advice Service
0300 123 1234
Monday to Friday, 9am to 8pm

My understanding of the now defunct scheme was that the monthly payment was nothing more than the recovery of the cost of a new boiler offset against money saved heating the property.

spiro

Hengus wrote: »

You could try:

Energy Saving Advice Service
0300 123 1234
Monday to Friday, 9am to 8pm

My understanding of the now defunct scheme was that the monthly payment was nothing more than the recovery of the cost of a new boiler offset against money saved heating the property.

It is very much up a running and now it is being pushed for LL who need to get properties up to EPC E otherwise they can no longer rent out.

macman

gb1991 wrote: »

Hi,

I am looking for help with a green deal eco scheme i used to install a new boiler in my new property.
I moved into the property in May 2015 and the new boiler was installed in the December of 2015.
To be honest and its something i regret not looking into but i didn't really understand what was going on and just seen a new boiler for a cheap deal as a great idea. We worked out a deal to pay £49.31 for 10 years i believe.
Now however me and my now ex partner have split and i stay in the house alone which has 4 bedrooms so being alone the energy bills have reduced considerably! i work almost every day so don't spend much time at home.

Is the pricing something that can be altered as the price of the repayments surely are no longer correct as it was worked on a house with another adult an kids living in it. The cost of the total repayments by far exceeds the price of just installing a new boiler system.
I have tried contacting the original company but they are no longer in business.

Any advise on what i should do?

Thanks

Unfortunately, the fact that you are now the sole occupier has no bearing on the historical cost of the install and boiler. Of course the total repayment cost is more than the install/equipment cost, because you have borrowed at 7% APR over 10 years. So you agreed to pay an extra 70% in interest over the term.
If they agree to reduce the monthly amount, then you will simply end up paying more in total, because the loan period will be extended. I don't see why you think that the debt should be reduced retrospectively because your circumstances have changed? The initial repayment was calculated on the basis that it must not annually exceed the annual cost of the energy saved, but there is no facility for adjusting this repayment retrospectively that I can see.
Your only real options are to sell the property (in which case the buyer must agree to take over the debt), or increase your income-perhaps by taking a lodger under the rent a room scheme?
I'm dubious about your monthly figure though, as it indicates an annual saving of nearly £600 on your bill, which is not credible even in a 4 b/r property. Are you sure this isn't a quarterly charge? I suggest you get out the original contract and check it.

spiro

I am not aware of any process by which you can get the payments changed. Because the monthly replacements are less than the saving on energy the GD is supposed to be self funding.