The UK Green Building Council has today welcomed Government's commitment to a new way of funding the delivery of low carbon refurbishment in the UK's existing housing stock. 'Pay As You Save' describes a system in which the cost of energy efficiency and low carbon measures is paid for over a long period of time removing the upfront cost for the householder and allowing them to save more on energy bills than they make in repayments.The UK Green Building Council has been campaigning for a Pay As You Save scheme for the last two years.
Paul King, Chief Executive of the UK Green Building Council said: "Our leaky housing stock is responsible for 26% of UK carbon emissions. If we want to tackle climate change, save money and conserve energy then we need to find a way of financing the refurbishment of millions of homes. Government can't pay for it and householders don't have the money upfront.
"Pay As You Save will work because energy efficiency pays for itself over time. Spreading the cost over 25 years means the measures can be paid for from ongoing savings on energy bills and still leave the householder better off. I'm delighted government has adopted a key UK Green Building Council demand. This is a bold and welcome move. The biggest barrier to low carbon refurbishment - the upfront cost - is set to fall. Pay As You Save is a radical scheme, which could trigger a revolution in household refurbishment - creating at least 100,000 new jobs, saving money and conserving energy."