'Green Deal' affected by bureaucracy and poor implementation, says BMF
In its contribution to the Public Accounts Committee, the BMF said that:
- The ‘pay-as-you-save’ concept is fundamentally sound but was not working well. The Green Deal suffered from undue levels of bureaucracy (notably consumer credit, accreditation & warranties/guarantees), unattractive finance and poor implementation. Legal, financial and IT complications meant it began slowly, was too complex, and was under-promoted to the public
- Ministers got carried away in their ambition and foolish remarks were made
Remarkably, the National Audit Office (NAO) underlined the Green Deal - which costs taxpayers £240 million - failed to deliver any meaningful benefit. The Department of Energy & Climate Change (DECC)’s aim to encourage residents to pay for improvements looked good on paper - but yielded low-levels of energy & carbon savings and cost £17,000 per home loan.