Green Deal: Interest rates

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The Green Deal Finance Company have indicated that interest rates will begin at around 6.96% on top of this there will also be the initial report costing £150 to £200 and associated administration costs taking a typical £5,000 loan repayment over 10 years to 7.67% the shortest repayment term and up to 7.96% for the maximum period of 25 years.

The initial difficulty of getting a Green Deal report was slightly eased as the amount of qualified Green Deal assessors increased, however the drought is about to begin again now with a Green Deal report needed to access the RHPP (renewable heat premium payment) which gives access to a £1,300 grant for air to water source Heat pumps, £2,000 for Biomass, £600 for solar thermal and £2,300 for ground or water source heat pumps. Harvest Renewables Cornwall still offer an assessment within 3 weeks of enquiry.

Consideration must be taken into account that Tesco bank, Sainsburys, AA and Derbyshire building society are offering home improvement loans at 5-5.1% a heavy competitor for Green Deal finance.

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