Renewable energy firm ScottishPower has teamed up with top UK bank Santander to help make installing low-carbon technologies more affordable.
Under a new partnership, Santander UK customers who take out a loan to finance renewable energy projects for their home such as installing heat pumps or solar panels will be offered £500 cashback from the bank. If these customers choose to purchase and install solar panels through ScottishPower, the renewable energy firm will grant them an additional £500 credit to their energy bill.
Andrew Ward, chief executive of ScottishPower’s customer business, said: “We know that a large proportion of the UK’s carbon emissions comes from domestic housing, and that measures like heat pumps and solar panels are the solution.
“The people of the UK need banks like Santander to offer more affordable and innovative finance solutions to help the energy transition. Many homes don’t have the savings to invest and so making it easier for households has to be the priority of energy companies, banks and government.”
Finance: the last piece of the puzzle for homeowners
The need for innovative finance solutions for green tech is clear; Michael Taylor, head of green finance, homes at Santander UK noted that the bank’s research indicates that over half of homeowners looking to install home energy efficiency measures struggle to find information on trusted installers, suppliers and finance.
Santander isn’t the only UK bank seeking to boost the uptake of green home technology among its customer base. In August, Halifax announced an upgrade to its Green Living Rewards Scheme for its mortgage customers. Under this scheme, both new and existing holders of a Halifax mortgage can claim £2,000 cashback for installing a home heat pump, £1,000 for installing solar panels or a battery energy storage system, and up to £500 for a range of other low carbon technologies.
Energy companies are also aiming to provide affordable finance solutions for these kinds of upgrades. In July, our sister publication Solar Power Portal reported that utility OVO Energy had launched a new offer allowing customers to bank up to five solar panels over the course of two years as part of its “Beyond” reward programme. These can then be redeemed against an OVO solar and battery package.
Meanwhile. Hometree Finance has been becoming an ever-larger presence in the home energy upgrade finance space in recent months. In July, the firm secured a £250 million asset-backed debt facility from Barclays in order to finance over 28,000 residential solar PV systems, battery storage systems and heat pumps over the next two years.
