What is the Renewable Heat Incentive?
The Domestic Renewable Heat Incentive (RHI) is a financial incentive set up by the government to encourage people to use renewable energy in their homes.
Why? Because renewable energy can help the UK as a whole greatly reduce its carbon emissions and meet its renewable energy targets. Currently the UK needs to move towards 15% of all of its energy being from renewable sources, and reducing carbon emissions by 35%, by 2020.
To help the nationwide effort, people who join the RHI scheme by installing an eligible energy source, and stick to its rules, will receive payments for the amount of clean, green renewable heat it’s estimated their system produces.
Payments are made quarterly, for seven years, and thousands of people across the UK have signed up and earned a healthy chunk of cash since the scheme launched in 2014 – just for having renewable energy sources in their home.
Making renewable energy pay for itself
Renewable energy may seem pricey to install at first, but with the money you can save on your bills, earn from selling electricity back to the grid, and receive from the RHI, renewable energy technology really does pay for itself – and will eventually start making you a profit!
The Green Deal
Green Deal loans provide people in the UK with accessible financing that helps them to improve their properties by installing energy efficiency and renewable energy products.
Formerly a government policy, the Green Deal has been revived by a group of private investment companies to help homeowners who can’t afford installation costs or are looking to increase the value of their homes, as well as landlords who need to bring their properties up to the new minimum energy efficiency ratings.
The loans offer competitive interest rates, and are incredibly easy to manage as they’re rolled into your energy bills – which are usually reduced anyway, thanks to the savings that renewable energy systems can provide.
The loan is also tied to the property, not an individual – so if you move, the new resident will take up payments as part of their energy bills, as they’re now the ones benefitting.
Finance with WYGS – paid for by the RHI
When you choose WYGS for renewable energy, we can offer full or part finance for all works, with 0% interest. When you receive RHI back from the government, every three months for the next seven years, these funds can go directly towards paying off the cost of materials and financing.
Once you’ve covered the cost, whatever’s left from your RHI payments goes directly into your pocket – whether that’s a little bit every month, or the full amount once you’ve paid everything off.
Affordable air source heat pumps, from just £1
We’ll install a pump and upgrade your hearing system for the low cost of £1 – yes, really! You can then sign over your RHI payments to pay for the system over the full seven years. This means that that £1 really is all you pay for lower energy bills.
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Representative example: Price is £2,000, with a £200 deposit. £1,800 is borrowed for 36 months at an annual interest rate of 0% (fixed). The total amount repayable is £1,800 in 36 monthly instalments of £50. Representative 0% APR. For more information, see our finance options.