CIGA Adds Financial Backing to Green Deal

16 April 2013

The Cavity Insulation Guarantee Agency (CIGA) is amongst those companies providing financial backing to the Green Deal, it has been revealed.

CIGA – a not-for-profit organisation which administrates 25-year guarantees to those that have had Cavity Wall Insulation fitted – is one of 16 investors to join the Department of Energy & Climate Change (DECC) and the UK Green Investment Bank in providing £244m for funding of the Government’s latest energy efficiency initiative.

The Green Deal Financial Company

The Green Deal Financial Company (GDFC) – the organisation responsible for all financial aspects of the initiative – released information this week regarding those investors that had brought together the funds to move the project forward.

CIGA was among a group of 16 companies that collectively offered £69m to the project. Other investors alongside CIGA include: Domestic and General Insulation, InstaGroup, Newcastle City Council, and the ‘Big Six’ UK energy companies.

The investment was combined with £50m from the DECC and £125m from the UK Green Investment Bank.

“CIGA is pleased that we could contribute to the funding package for the GDFC,” Gerry Miller, Chief Executive of CIGA said in a statement.

“This will ensure that finance will be available to help those customers wishing to take up a package of energy saving measures including Cavity Wall Insulation under the Green Deal.”

Benefits of Cavity Wall Insulation

It has been estimated that poor wall insulation accounts for 35% of lost energy within the home. Cavity Wall Insulation is an effective measure to reduce this energy loss, essentially plugging a leaky home, something the Government is currently pushing under the scheme.

By installing Cavity Wall Insulation, householders can reduce the cost of their energy bill to the tune of £135 per annum, according to Government figures.

Under the Green Deal, financial assistance is available to those that would like to fit Cavity Insulation, either in the form of a grant or loan. The loan is repayable at a rate of 6.96% over a period of up to 25 years, but importantly, due to the nature of the scheme, householders will save more than the cost of the repayments. This is known as the ‘Golden Rule’.

Once installed, CIGA will provide a 25-year guarantee on all Cavity Wall Insulation fitted by an approved and certified Green Deal provider.

Under the initiative’s cashback scheme, householders will also be able to claim £250 cash back on Cavity Wall Insulation.

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