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The UK GBC has proposed that the funding be loaned to home owners and landlords for energy efficiency measures such as solid-wall insulation and A-rated boilers. The money would then be repaid over time to the individual鈥檚 local authority.

The UK GBC has published its proposals to complement the government鈥檚 鈥楶ay as you Save鈥� scheme which aims to help 7 million homes with 鈥済reen makeovers.鈥�

The UK GBC says its proposals are the most comprehensive analysis to date of how a Pay as you Save scheme could be practically implemented in the UK.

According to the UK GBC鈥檚 recommendations and findings:

• up to 拢5bn of capital could be sourced from the private sector every year for investment in greening the UK鈥檚 existing housing stock. This money should be held by a third 鈥損arty finance body underwritten by Government in order to keep interest rates low for householders.
• A range of properly accredited 鈥楲ow Energy Refurbishment Providers鈥�, such as high street retailers, energy companies or builders, should be able to access this finance 鈥� up to 拢10,000 per household - and in turn offer the Pay As You Save proposition to the householder.
• Primary legislation would be required to enable the local authority to create a Pay As You Save 鈥楲ocal Land Charge鈥� via which the money is repaid. The Charge attaches to the property and not to the owner and it does not appear on the title of the property at the Land Registry. Instead, it is kept on the Local Authority Register of Local Land Charges and in effect is 鈥榩assed on鈥� to future owners until the charge expires after 25 years.
• The local authority maintains a schedule of payments to be made for each property, issuing the PAYS charge monthly. Debt risk is managed by the local authority, with some debt risk potentially mitigated by a level of support from the government.

Paul King, chief executive of the UK GBC, said: 鈥淭his innovative proposal would provide the finance to trigger a revolution in household refurbishment, creating thousands of new jobs and significantly cutting carbon emissions. Both Government and opposition parties have voiced their support for the principles of a scheme like this 鈥� what鈥檚 needed is to get on with it.鈥�