British Hope their 'Green Deal' will cut Energy Imports by $5 Billion a year

British energy officials have recently been on a trip to the United States, where on Monday, in Houston, Texas, they shared their dream of a market friendly energy efficiency promotion.

The ‘dream’ that they were trying to share is the British government’s Green Deal, a program that the government are sponsoring with the aim of encouraging the population to insulate buildings, in order to increase their energy efficiency. The government will support this program by offering low cost loans to cover the necessary improvements. The Green Deal will take effect later in the year.

The government has estimated that the program could benefit as many as 14 million homes, reducing energy consumption across the entire nation, and cutting the necessary energy imports that the country currently requires.

Gregory Barker, Brain’s Minister of State for Energy and Climate Change, said that, “the Green Deal is the most comprehensive energy saving plan in the world, and it can make a real difference. It could cut our energy imports by nearly $5 billion per year and save households up to $600 per year in gas and electricity.”

Barker noted that at the moment, due to the poor insulating levels generally found in British homes, they use more energy during the winter than Swedish homes, even though Swedish winters are usually much colder.

The government will start the Green Deal rolling by funding it itself, although eventually the program will be funded through private loans to the customers. This may put many people off the idea, but Barker explains that the money saved from heating bills due to the increased insulation will offset the cost of the loan.

By. James Burgess of Oilprice.com