Interest free green home loans of up to £32,500 are available for private sector buy to let landlords and investors across Scotland.
Landlords and homeowners are now able to apply for interest free green home loans as part of new plans to increase energy efficiency in under performing homes and encourage the use of renewable energy in Scotland.
The Home Energy Scotland Loan Scheme, launched on the 2nd May, makes a total of £34 million in funding available to property investors in order to encourage them to install energy efficiency measures. These include options such as external or internal wall insulation, double glazing, boilers, warm air units and other forms of renewable technology that can save energy usage in the home.
The new and improved scheme has been created through combining two currently existing programmes, the Home Energy Efficiency Programme for Scotland Loans Scheme, and the Home Energy Scotland Renewable Loan Scheme. It also offers 25 per cent contains cash back for a limited time.
Landlords are available to apply for the loan for up to three properties. However, the loan is only available to investors who operate as ‘natural persons’ excluding landlords who act through limited companies. Charities, sole traders and partnerships are also not eligible for the funding, although may be able to receive support from the SME Loan Scheme.
Scottish Government Minister for Business, Innovation and Energy, Paul Wheelhouse said: The Home Energy Scotland Loan Scheme presents property owners with an ideal opportunity to install a variety of energy efficient measures and renewables technologies to make it easier and cheaper to keep their homes warm. Combining previous loan schemes makes it easier for consumers to make all energy-related changes to their properties at the one time. It also cuts red tape and expands the pot of funding available.’