The recent report published by British Gas and the IPPR following the recent BG “Green Streets” initiative recommends “the creation of new green mortgage packages by banks and energy companies to pay for the installation of energy saving technology”. Ecology Building Society, through its C-Change for Home Improvements mortgage has been offering just such a product for some time now.
The Society launched its C-Change mortgage (the C stands for carbon, by the way) in 2007. This allows people to remortgage to the Society and receive a 1% reduction in the mortgage rate for any money spent on energy-efficient or sustainable work they do on their home. With a competitive rate of 6.45% anyway, this discount, coupled with the savings in home energy costs means that customers may be better off going green.
When the whole cost of the home is taken into account, including energy costs, it starts to make sense. Energywatch say that the average domestic fuel bill is around £1,053 a year and most commentators seem to think that average fuel inflation is going to be in excess of 10% a year going forward.
Ecology Chief Executive, Paul Ellis, says “We welcome the green streets initiative and its practical demonstration of what can be achieved. Our C-Change mortgage borrowers are already greening
