Tuesday, 4 October 2011

UK industry teams up for energy efficiency funding

A consortium including banks Goldman Sachs (NYSE: GS - news) and HSBC (LSE: HSBA.L - news) and UK energy companies plans to open a not-for-profit organisation to help finance the government's programme for home energy efficiency, the firms said in a joint statement.

The Green Deal Finance Company (GDFC) will lend money to suppliers and installers involved in the state programme -- the Green Deal -- which provides consumers with a mechanism to pay for home energy efficiency by offsetting payments for installations through monthly savings on energy bills.

"By minimising the cost of finance to future accredited Green Deal providers, it will create a highly competitive market that will compete on cost, reliability, lifespan and technology," said Paul Davies, lead partner on the GDFC at consultancy PwC.

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