23 November 2023
Scottish Government urged to partner with the Council on green equity release guidance
Independent energy experts are urging the Scottish Government to work with the Equity Release Council to develop guidance on green equity release.
The recommendation by Scotland’s Green Heat Finance Taskforce is one nine aimed at helping Scotland adopt climate-friendly heating and energy efficiency improvements.
It states: “The Scottish Government should begin work, from early 2024, in partnership with the Equity Release Council, to develop an information framework and guidance for green retrofit equity release products.”
The report highlights the opportunities to support able-to-pay households with attractive and flexible finance for home energy efficiency improvements.
Responding to the report Jim Boyd, CEO of the Equity Release Council, said:
“This recommendation can help to accelerate efforts to innovate in the later life mortgage market and deliver a decarbonised housing market which future generations will benefit from.
“Green equity release products can a vital role in funding the work to retrofit existing housing stock and reduce the housing market’s carbon footprint.
“By tapping into the equity in their homes, older consumers can potentially cut their energy bills and pass the gift of sustainable housing onto younger generations to help safeguard their future by combatting climate change.
“We look forward to working with the Scottish Government and our members to deliver on the Taskforce’s recommendation.”
To read the report click here.