• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 9 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 2 hours California's Oil Industry Collapses Despite Shale Boom
  • 3 mins Greenpeace Blocks BP HQ
  • 6 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 11 hours The Consequences: Full-Blown Trade War Will Push World Towards Recession
  • 7 hours Australian Voters Reject 'Climate Change' Politicians
  • 2 hours Shale to be profitable in 2019!!!
  • 10 hours IMO2020 To scrub or not to scrub
  • 5 hours Will Canada drop Liberals, vote in Conservatives?
  • 14 hours Global Warming Making The Rich Richer
  • 5 hours UK Needs New Wind Turbines
  • 11 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 16 hours Shell ‘to have commercial wind farms’ by early 2020s
  • 14 hours California Threatens Ban on ICE Cars
  • 7 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 5 mins Get First Access To The Oilprice App!
What The Market Is Overlooking In The Occidental Deal

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

The Fear Factor Is Back For Oil

The Fear Factor Is Back For Oil

While fundamentals suggest lower oil…

British Hope their 'Green Deal' will cut Energy Imports by $5 Billion a year

British energy officials have recently been on a trip to the United States, where on Monday, in Houston, Texas, they shared their dream of a market friendly energy efficiency promotion.

The ‘dream’ that they were trying to share is the British government’s Green Deal, a program that the government are sponsoring with the aim of encouraging the population to insulate buildings, in order to increase their energy efficiency. The government will support this program by offering low cost loans to cover the necessary improvements. The Green Deal will take effect later in the year.

The government has estimated that the program could benefit as many as 14 million homes, reducing energy consumption across the entire nation, and cutting the necessary energy imports that the country currently requires.

Gregory Barker, Brain’s Minister of State for Energy and Climate Change, said that, “the Green Deal is the most comprehensive energy saving plan in the world, and it can make a real difference. It could cut our energy imports by nearly $5 billion per year and save households up to $600 per year in gas and electricity.”

Barker noted that at the moment, due to the poor insulating levels generally found in British homes, they use more energy during the winter than Swedish homes, even though Swedish winters are usually much colder.

The government will start the Green Deal rolling by funding it itself, although eventually the program will be funded through private loans to the customers. This may put many people off the idea, but Barker explains that the money saved from heating bills due to the increased insulation will offset the cost of the loan.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News