Laura Sharman 05 February 2014

Glasgow first council to take a Green Loan

Glasgow first council to take a Green Loan image

Glasgow City Council has become the first local authority to take a loan from the UK Green Investment Bank (GIB) to finance its switch to low energy street lighting.

The council will use the Green Loan to help convert 70,000 streetlights to low energy. It expects to see a reduction in its electricity bill of up to 80%, following a payback period of around five years.

The Green Loan enables local authorities to borrow a low, fixed rate loan to finance energy efficiency projects. Repayments are made from savings achieved by the project, over a period of up to 20 years.

GIB chief executive, Shaun Kingsbury, said: ‘The GIB Green Loan is essentially a corporate loan facility that covers the set-up, capital investment and installation costs of lighting upgrades to LED, with repayments being made from within forecast savings.

‘Put more simply, local authorities borrow money from the Green Investment Bank, but repay the loan entirely through the money they save by changing their lighting.’

Business secretary, Vince Cable, welcomed the announcement and called on other councils to follow Glasgow’s lead. ‘This investment by GIB into new LED technology could make big strides in saving money for local councils and reducing our carbon footprint’, he said. ‘I urge councils across the country to follow Glasgow City Council's lead and GIB's new Green Loan can help speed up the take up of this streetlighting.’

The electricity bill for streetlights across the UK is more than £300m a year. Streetlights also produce 1.3m tonnes of CO2 emissions every year.

Leaving nothing to chance image

Leaving nothing to chance

The ‘levelling-up’ Budget is era-defining and ambitious in scope – but we will have to wait until the summer Spending Review to understand the blueprint, says Localis’s Jonathan Werran.
SIGN UP
For your free daily news bulletin
Highways jobs

Plant and Motor Vehicle Technician - numerous

Kirklees Metropolitan Council
£24,799 - £26,317
You will carry out vehicle inspections, servicing, maintenance and repairs to vehicles and plants operated by Kirklees Council in... Kirklees, West Yorkshire
Recuriter: Kirklees Metropolitan Council

Director of Housing, Economic Development and Planning

Cheshire West & Chester
Up to £98,000
This is an exciting and challenging role and we are looking for a candidate with a significant track record and an appetite for delivering... Cheshire
Recuriter: Cheshire West & Chester

Head of Economic Growth

Cheshire West & Chester
Up to £66,800
This is an exciting and challenging role and we are looking for a candidate with a significant track record and an appetite for... Cheshire
Recuriter: Cheshire West & Chester

Development Managers x 8

Surrey County Council
£61,463- £69,541 per annum
At Surrey County Council, we believe that property can play a key role in unleashing improvements and transformation in our frontline services. Kingston Upon Thames
Recuriter: Surrey County Council

Contract Managers x 4

Surrey County Council
£71,252- £80,586 per annum
At Surrey County Council, we believe that property can play a key role in unleashing improvements and transformation in our front line services. Kingston Upon Thames
Recuriter: Surrey County Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue