New finance schemes unlock cash for upgrades to private and rental properties, including heating, insulation and flood and heat protection, which homeowners otherwise struggle to fund, Greater Manchester officials say.
The shortfall demonstrates the need to tap into other sources of money to fund the green transition, the group says.The variety of types of homes and upgrades available necessitates a broad"portfolio of financial products that complement this and support energy-efficiency improvements", GFI's Emma Harvey told Sky News.They include the UK's first"Property Linked Finance" scheme, which attaches borrowed money to the property rather than the homeowner.
The project will also help homeowners access green mortgages, which can finance the cost of improvements or lower interest rates on loans for purchases of energy-efficient homes. The GFI hopes that green rental agreements will incentivise landlords to increase the rental property's energy efficiency band rating before the regulatory deadline of 2025-2028.
Juliet Phillips, senior policy advisor at green think tank E3G, who is not involved with the initiative, said the"scale and range of initiatives included in this programme - and the focus on spurring private finance - is significant and fairly novel".
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