Worried About Climate Change? Come Borrow Some Money!

From NOT A LOT OF PEOPLE KNOW THAT

APRIL 4, 2022

By Paul Homewood

There are many adverts like this cropping up on Facebook, such as grossly fraudulent ones about heat pumps and solar panels.

This is from NatWest:

https://fb.watch/caXtKVBFF2/

This one is equally irresponsible, because it encourages people to get into debt that they cannot afford, simply by making them feel guilty.

They claim that their “green mortgages could help those trying to save the planet”, as if these mortgages will make the slightest difference to anything.

Maybe if NatWest are so concerned about the planet themselves, they should offer interest free green mortgages. Somehow I don’t see that happening!

Or maybe their investment bankers might like to donate their bonuses to fund solar panels for us mere mortals!

At least the little piggies did not have any pretensions back in 1984!

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Bob Tisdale(@bobtisdale)
Editor
April 5, 2022 6:03 am

The headline made me laugh. Thanks, Paul.

And thank you, WUWT, for cross posting it here.

Regards,
Bob

Tom Halla
April 5, 2022 6:03 am

WTF is a Green Mortgage?

SheriffYoda
Reply to  Tom Halla
April 5, 2022 6:10 am

Here in the States all mortgages are green cause our money is green. But that’s all I’ve got. In Britain I have no idea.

Vuk
Reply to  SheriffYoda
April 5, 2022 7:58 am

In California money is even ‘greener’
US Secret Service rents $30,000 a month California mansion to protect Hunter Biden.
Agents are staying in the six-bedroom Malibu property, which comes with a pool and spa, to keep an eye on the president’s son.
Joe Biden’s son is living in the luxurious celebrity enclave in California as he pursues a new career as an artist.

https://www.telegraph.co.uk/world-news/2022/04/04/us-secret-service-renting-30000-month-california-mansion-protect/

Last edited 1 month ago by Vuk
Derg
Reply to  Vuk
April 5, 2022 10:27 am

Nothing to see here Vuk. Ignore your lying eyes 🤓

Vuk
Reply to  Derg
April 5, 2022 11:00 am

It’s the ex BoJo’s self proclaimed ‘the real boss’ the Tory newspaper Daily Telegraph that has him in it’s aim, and is publishing all this ‘fake news’ from biography of the first son.2013 – 2014 – US Naval Reserve. He was discharged following a positive test for cocaine use.

2014 – 2019 – Burisma Holdings. Appointed to the board of the Ukrainian oil and gas company by former government minister Mykola Zlochevsky. His term overlapped with his father’s role in US policy towards Ukraine. Joe Biden, along with other Western leaders, pressured the country’s government into dismissing its scandal-ridden chief prosecutor Viktor Shokin. 

This is not going to do much good for the transatlantic “special relationship”.

https://www.telegraph.co.uk/world-news/2022/04/04/us-secret-service-renting-30000-month-california-mansion-protect/

Reply to  Vuk
April 5, 2022 1:35 pm

Well, of course the Praetorian Guard expects nice accommodations. Hunter most likely parties over there, anyway – his digs are a modest $20K a month. I’m sure they have parties that are just his style, going by how they behaved while “protecting” the First Daughters in Columbia.

Kevin kilty
Reply to  Tom Halla
April 5, 2022 6:11 am

Yes it is.

Disputin
Reply to  Tom Halla
April 5, 2022 6:18 am

A mortgage offered to gullible people?

jeffery p
Reply to  Tom Halla
April 5, 2022 7:14 am

The underwriter is a Nigerian prince who needs your help to get his money.

jeffery p
April 5, 2022 6:30 am

With inflation, you’d be a fool to not borrow money!

I wonder if it’s legal to start a climate change guilt relief fund? Feel guilty about killing the earth? Donate to me! Franchises for pardoners available now. Click for details. Operators are standing by.

Last edited 1 month ago by jeffery p
H.R.
Reply to  jeffery p
April 5, 2022 7:52 am

Act now and we’ll send you a virtue-chic sackcloth and ashes, resort wear jacket! Impress your friends with your climate piety!

Ron Long
April 5, 2022 6:31 am

As David M.’s friend, Ron White, has said “you can’t cure stupid”. The addendum to this is the P.T. Barnum claim that “a fool and his money are soon separated”. I have NEVER convinced someone about the useless CAGW nonsense (maybe you’re thinking it’s my fault?). Looks like next winter in Britain will be the first “shivering in the dark for fun and profit” moment. Wait for it.

LdB
April 5, 2022 7:02 am

In the next month or so many in the UK will need loans to afford power.

TonyL
April 5, 2022 7:07 am

Wow.
That was trippy.

RevJay4
April 5, 2022 7:31 am

More grifting by the ever grifting grifters. More debt for those who can least afford it. To what…install “green” useless technologies? Tired of it all.

Walter Sobchak
April 5, 2022 7:43 am

I wouldn’t worry about it. If they are stupid enough to worry about climate change, they are stupid enough to fall for fraudulent loan schemes. They deserve the consequences of their stupidity. When they go broke, we should point at them and mock them.

Ted
Reply to  Walter Sobchak
April 5, 2022 9:21 am

Until the government decides there should be loan forgiveness for people that were attempting to fight climate change.

Andy H
April 5, 2022 7:57 am

Increasing debt stimulates the economy and so, if you are worried about CO2/energy consumption, it is not a good idea. So does governments printing money.

leowaj
April 5, 2022 8:22 am

It’s one of the Great Grift’s poison recipes. The first ingredient is– as it is with everything in grifting– to gaslight and brow-beat the peasants into fealty and submission. The second ingredient is the equivalent of weekly Confession, 50 Hail Marys, prayer beads, and required weekly Mass in the form of a mortgage.

“Want a new house? Well, first, you need to add an extra percentage point in your mortgage interest rate because that extra bit of money will go to a good cause. You want your money to go to a good cause, right?”

Michael in Dublin
April 5, 2022 8:26 am

Where do I go?
I want to sign up to an interest free green mortgage.
I must ask my bank the next time I go to draw to check their green credentials.

observa
April 5, 2022 8:50 am
David Wells
April 5, 2022 8:59 am

Warren Buffets mafia are up to their tricks again but its not about the money but Buffet is more than happy to devastate the environment to get billions in tax credits to offset profits in other investments. Update On The Wind Turbines Of Madison County: MidAmerican Energy Prevails In Lawsuit, May Add 30 More Turbines (forbes.com) Heartless callous pursuit of profit for its own sake. Is Buffet worse than that the average green who advocates effective total devastation of the environment in the name of saving the planet ignoring the obvious that without the environment there is little point in saving the planet which is just a worthless barren lump of rock. Its not ignorance its the illusion of knowledge.

Mr.
April 5, 2022 9:09 am

Looks like the Klimate Kool-Aiders are getting ready to go the full Jim Jones.

Well, I guess a cult always wants to make a statement.

Patrick healy
April 5, 2022 9:13 am

The main reason an advert like the little piggy one could not possibly be shown on British TV, is because all the pigs were pink or white.

Rich Lentz(@usurbrain)
April 5, 2022 9:28 am

I have put something like this on WUWT before, but this needs repeated. Seems they do not teach home, life, economics in school today

In 1973 I started my new job and purchased an “All Electric” home. I was gung-ho about protecting the “Environment,” and I mean the entire Environment. An electric heated home is not polluting the environment when powered by the local NPP. With the “Oil Shortage” I began looking for a way to take advantage of the southern facing slope of my roof to heat the hot water – the largest electric use and load in your home. Price of the system seemed reasonable but with a larger house payment I was going to need a loan to do it. My wife, finishing her degree in Finance, insisted I determine the annual coast including needed maintenance. That meant factoring in the replacement cost of the needed, second, hot-water tank, circulation pumps and the control system based on their lifetime. As I was working 10-12 hour days it meant that I had pay to have it installed rather than DIY.
With the loan payments and maintenance kicking in after five years there was a negative return on investment. Thus, I did not do it. And that system only cost about $2,500. I have performed this calculation every 5 to 10 years since then and even with the newest PV solar panels rather than the pumped or gravity fluid systems back then and the fact that I performed all installation and system maintenance it has always shown a negative return on investment. Even when withdrawing the purchase price from my retirement account and not having a loan. There is a VERY big loss in the future value of your retirement funds. Enough that if you placed what you would have spent on a PV System and maintenance into your retirement fund that after five or ten years you can actually take the money out to pay your electric bill and still have a fund that is growing in value. The advantage of 10-15% interest going to your retirement rather than to the loan holder.
Worse, last fall the electric company included a card in the bill for purchasing a PV system with them and they would buy excess back from me at meter rate. I plugged in all the numbers into the online program they had on their website. The result was that I would have to pay them $300 a month instead of the present $180 a month level payment I am now making. Not included in their online program is the fact that your house will receive a tax assessment of at least the same increase in value as the total cost of the PV system. [In May I replaced my deteriorating “Constructor’s Grade” roofing shingles with a nicer looking “Architectural” grade. In December I got the Tax assessment home value went up by the entire cost of the roof replacement. Last month the Insurance company increased the value of the home by the same amount, and the payment also.] Between the County and the insurance company I am now paying about $200 more a month. About what you would pay for a new Solar PV system on your roof.
Green energy makes everyone GREENER, except the homeowner.

Last edited 1 month ago by usurbrain
Old Man Winter
Reply to  Rich Lentz
April 5, 2022 9:44 am

“Green” programs are like going fishing- get a hook into all the suckers you
can & then bleed them for all they’ve got.

John the Econ
Reply to  Rich Lentz
April 5, 2022 2:02 pm

For kicks & giggles a few years ago I got an estimate for solar on my home. Total cost would end up being close to $20,000. Annual savings on my electrical bill? $500, at best.

The only way this makes any sense at all is if it’s paid for with OPM. (Other people’s money)

Bruce Cobb
April 5, 2022 9:32 am

Green Mortgage: 1) Spend a bunch of money on “green” technology. 2) They send you a green lollipop and t-shirt, and say “Welcome to Team Green”. 3)You get to virtue signal to your heart’s desire.
Go Green! Really – just go.

Old Man Winter
April 5, 2022 9:32 am

Besides inflation & possible rising interest rates, you may want to consider
a big loan now especially if your environmental social governance (ESG)
score will be too low when they start using that to cancel us evil deniers.
Along with the digital currency & SEC regs, they’ll be able to lead us around
like a 2000 lb bull with a nose ring. Witness how well that worked against the
Canadian truckers. A little bullying can go a long way!

John the Econ
April 5, 2022 10:00 am

That’s little different than Joe Biden telling people that they could be saving $80 a month by buying a $50,000 EV.

Robert Hanson
Reply to  John the Econ
April 5, 2022 10:58 am

So you get your investment back in @50 years. Assuming that new EV lasts 50 years.

And bear in mind, if everyone does this, you cannot sell your current ICE car, as no one will want it. So $50K for the new car, and ZERO trade in on your current car, which for many folks will mean a continuing payment for the loan on the now useless ICE car. Which will be more than the $80 a month you were supposed to be saving on gas.

But never mind, because as we all know, “math is racist” (sic).

John the Econ
Reply to  Robert Hanson
April 5, 2022 12:12 pm

For most people, depreciation, not fuel, is the most expensive part of owning an automobile.

EVs haven’t been around long enough to know what their actual economic longevity will be. Most ICE automobiles these days can be expected to be serviceable for over 200,000 miles and the better part of 20 years if they are well cared for. This flattens out the depreciation curve after the first 3 to 5 years.

On the other hand, we really don’t know what the depreciation curve for mass market EVs will look like yet. The nature of batteries will make the curves between ICE & EVs quite different. It is not unrealistic to expect that an EV battery will have a decade or less of serviceable life, and at that point the replacement cost for an EV battery will likely be much more than the value of the chassis it’s attached to. This would render EV depreciation curves rather steep, likely ending at near zero after only 10 years. If that is the case, then the total cost of ownership of an EV would actually be much more than that of a ICE vehicle.

So you’d be spending (or worse, financing) $50K over a 10 year window ($5,000-a-year) instead of spending $35K over a 20 year window. ($1,750-a-year) If you’re better-than-median wealthy and losing $5,000-a-year doesn’t bother you, then fine. But if you’re like the most of the rest of the middle class and lower, losing $5,000-a-year in depreciation is a financial disaster for you.

And then there’s the question of what this will do to the used vehicle market. There may not be much of one if most of the vehicles available only have a few years left on their batteries. The upside is that an otherwise nice 9-year-old EV may be relatively cheap. But at the price of a very short usable life without a major investment in a new battery. This will shut a lot of poorer people out of automobile ownership.

Which may be the point.

PCman999
Reply to  John the Econ
April 6, 2022 8:48 am

Helps clear up the highways for the rich people.

Paul Hurley (aka PaulH)
April 5, 2022 11:45 am

Your home may be repossessed if you do not keep up repayments on your mortgage.

Even if I were worried about climate change, I’d be more worried about losing my home and having to sleep on the street.

jeffery p
April 5, 2022 1:57 pm

People who are worried about paying the light bill aren’t worried about global warming. The well-to-do, especially the college-educated children of the well-to-do are the target audience for climate change guilt.

Doonman
April 5, 2022 2:19 pm

$80,000 for a Tesla
$40,000 for solar panels to charge it
$16,000 for battery backup to charge it at night.
$2000 to clean dust, leaves and bird droppings off the panels.

$138,000 the first year to save the planet. What’s not to like.

Last edited 1 month ago by Doonman
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