Homeowners looking to switch energy companies could use green loan - 06/08/2009

Homeowners looking to compare energy prices and get the cheapest rates could also benefit from a £10,000 green loan designed to help make properties more efficient.

The UK Green Building Council has expanded a government plan to improve efficiency standards of seven million homes over the next ten years by issuing loans and having homeowners pay back the money through council tax, reports the Guardian.

Homeowners could take the loan to install measures such as solar panels and insulation, while the savings generated from the investments could offset the regular additional council tax payments.

Paul King, chief executive of the Green Building Council, told the paper: "This innovative proposal would provide the finance to trigger a revolution in household refurbishment, creating thousands of new jobs and significantly cutting emissions."

In addition, the loan would be attached to the property rather than the homeowner, so any new occupants would inherit the need to make repayments as they would be benefitting from the efficiency measures.

Energy companies have made an effort to help homeowners pursue cheap energy rates in recent months by sending out efficient light bulbs.

If you want to find out more about switching energy suppliers and how you could save up to £378 in minutes, click here.