NEWS

Green Deal Technical Support Partner Confirmed

9 May 2013

The Nostrum Group will provide technical support throughout the lifecycle of the Green Deal, it has been revealed.

The Green Deal Finance Company (GDFC) has confirmed that the Harrogate-based IT specialists will provide technology and associated services throughout the scheme.

Nostrum will be responsible for handling everything from application processing through to loan servicing.

Upon confirming the appointment, Mark Bayley, Chief Executive of the GDFC said: “We are delighted that Nostrum will be supporting us in both the set up and servicing of loans for Green Deal Providers.

“They have a detailed and proven understanding of managing a high volume of loans in a CCA compliant manner and will provide an agile, secure and scalable solution.”

Richard Carter, Chief Executive at Nostrum Group, said: “Nostrum’s selection by The Green Deal Finance Company is testament to our ability to understand and deliver complex projects in an increasingly regulated lending sector. 

“The financing of Green Deal Plans is an emerging industry, necessitating our engagement with a range of different energy and finance industry service providers in a short period.

“We are excited to be working with The Green Deal Finance Company to support the national roll-out of the Green Deal.”

It was confirmed recently that the GDFC had secured £244m in funding to implement the Green Deal.

Under the scheme, UK householders can apply for a loan to cover the cost of making energy efficient home improvements, including Cavity Wall Insulation, Loft Insulation, and glazing improvements.

The loans on offer are unique in that they are repaid via a property’s electricity bill, and remain linked to that address even if the householder moves. In accordance with the scheme, the cost of repaying the loan must not exceed the savings made by making the home improvements in the first place.

Those households looking to improve Cavity Wall Insulation, Loft Insulation, or any of the other 40-plus improvements, must first have a Green Deal Assessment conducted. After this, a Green Deal Provider will liaise with the GDFC and make the financial arrangements.

“The Green Deal Finance Company offers Green Deal Providers a one-stop-shop to set up, finance and administer Green Deal Plans,” explains Bayley.

“Our £244m financing package announced earlier will provide long-term and low-cost funding to enable householders across all parts of the country to finance energy efficiency improvements to their homes.”


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