Eaga welcomes green loans
Green services company Eaga has welcomed a Government announcement to offer households long-term loans to make their homes greener and more energy efficient.
The ‘green loan’ energy plan will be for homes to install insulation, solar panels, or other green technologies.
Unveiling the plan Energy Secretary Ed Miliband said it would enhance the value of property by making its energy costs “significantly lower”.
The initiative will also help the UK hit its target of saving 29% of carbon emissions by 2020.
And as the UK’s largest provider of energy efficiency solutions Eaga is ideally placed to help households install the green energy improvements on a scale that can make a genuine difference.
With 5,000 staff across a national network it visits up to 3,000 households each day to fit or repair a mix of energy efficient heating and insulation.
John Swinney, Group Strategy Director for Eaga, said: “This latest announcement is a further indication at the highest level of the commitment toward low carbon living and encouraging households to go green. To make this transition it is crucial that all households can benefit, not just the well-off, and offering long-term loans can make it more affordable for many.”
The move comes just a month after the Government also announced the introduction of feed-in-tariffs (FITs) from April.
This will allow surplus electricity generated domestically through clean energy such as solar photo-voltaics (PV) to be exported back to the national grid.
Utilising FITs Eaga has developed its Clean Energy Programme to pay for the installation of solar panels for social housing tenants – at no cost to them and requiring no investment from the landlord.
Funding for the initiative will come from private sector investors who will receive an income yield over a 25-year period from the fixed tariff.
John Swinney added: “Installing solar systems through our Clean Energy Programme is already helping households across the UK save hundreds of pounds on their fuel bills and cut carbon emissions by more than a tonne. Providing green loans through this latest initiative and effectively allowing people to repay as they save over the long term is another step in the right direction.”
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For more information please contact:
Rik Kendall
Eaga Group Media Relations Manager
Tel: 0191 245 8342
e:mail: rik.kendall@eaga.com
Notes to Editors
1. Eaga plc is a green support services and outsourcing company. It is also the UK’s largest residential energy efficiency provider.
2. Eaga was established in Newcastle in 1990 and operates across the UK and in the Republic of Ireland, India and Canada. It employs over 5,000 people.
3. Approximately 37% of the shares in Eaga plc are owned by the Eaga Partnership Trust which is an independent trust which holds the shares for the benefit of Partners (staff).