Personal loan 'could fund green improvements' - 23/11/2007

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Homeowners may save money on their electricity and gas bills in the long-run by making green improvements to their property now, new research from Alliance & Leicester Personal Loans has found.

According to the study, there are a number of ways a home can be made more energy-efficient, including cavity and loft insulation, double-glazed windows, boiler replacement and the use of energy-saving light bulbs.

The firm estimates that cavity insulation alone could slash heating costs by as much as 15 per cent, with a new condensing boiler using 30 to 40 per cent less energy than an older model.

In addition, add-ons such as a wind turbine or solar panels could create more savings on electricity bills, with early estimates suggesting that a housing using solar energy could save around £200.

And although the initial investment in green improvements could cost as much as £9,270, the company recommended a low-rate personal loan as a potential way to pay.

"Nowadays more and more people are giving environmental considerations and their carbon footprints a higher priority," said Richard Al-Dabbagh, senior personal loans manager at Alliance & Leicester.

In related green energy news, this week energy regulator Ofgem proposed a new ratings scheme which will measure the energy ratings of a number of household appliances based on how much carbon dioxide they emit.

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