To help householders and organisations access finance to overcome the barrier of the upfront cost of a renewable heating system, the Department of Business, Energy and Industrial Strategy (BEIS) introduced ‘assignment of rights’. Essentially this allows an eligible investor (who has successfully registered as an investor with Ofgem), to help fund the purchase, installation and maintenance of a households or organisation’s renewable heating system.
Guidance for investors
If you would like to become a registered investor (RI) under the ‘assignment of rights’ (AoR) scheme you are required to be a member of an approved consumer code. HIES is a Chartered Trading Standards Institute approved consumer code.
I’ve heard that there is a model contract, do I have to use this?
HIES along with Ofgem, BEIS and other consumer codes have developed a model contract. This contract has been written in language that consumers can understand. As part of your application to join us you will need to submit the contract you intend to use with consumers. If this is different from the model contract then it will need to be examined by an external partner, chosen by us to ensure it complies with the requirements of consumer law. Your membership application is likely to be substantially delayed if it requires examination by a third party.
Where can I find out more information about how much I will get paid?
Why do I need to join a consumer code?
To provide a high level of protection for consumers BEIS and Ofgem have decided that an investor must be a member of a recognised consumer code. Find out more about HIES here.
You need to join a Consumer Code before Ofgem will consider your application for AoR.
How can I become a member of HIES?
Please complete our membership enquiry form. You will need to undergo a series of checks by us which includes your trading history, as well as details of your management structure.
Where can I find out more?
Please call us on 0344 324 5242 or see the Ofgem page for further details.