Scottish Loans Scheme to Help Homeowners With Energy Efficiency

The Scottish Government will be giving interest-free loans to help homeowners make improvements regarding energy efficiency.

The new scheme will allow homeowners to borrow amounts from £500 to £10,000 to install measures such as double glazing, loft and wall insulation, or replacing old boilers. The money can also be used for equipment to generate renewable energy.

Before any work can be done on homes, they will need to be assessed by experts. However, the loans are not going to be means-tested.

The initiative was recently announced by finance secretary John Swinney, who claims that the scheme is going to help people to cut down on emissions and save money on household bills.

Swinney likens the waste of energy to the waste of money, were making homes more energy efficient is seen as key to the economic recovery of the country.

The scheme will give practical measures that can help to make an impact on energy efficiency the most quickly, including double glazing in windows and doors.

The target is in place, set by the Climate Change Act, to reduce emissions by 42% by 2020. However, Swinney claims that necessary changes could cost an average of £7,000 per property. This is why the loans will be given to encourage more action.

Not only will this help householders, but Swinney also states it can help to increase profitability and competitiveness with industry, and spur on the transport sector to improve fuel efficiency.