A unique collaboration between one of Britain’s biggest energy firms and a high street bank will offer customers £1,000 to install green improvements designed to cut bills.
ScottishPower and Santander UK will each offer £500 in the form of cashback or bill credit – adding up to £1,000 – to customers who qualify for the deal.
The partnership aims to make it easier for homeowners to invest in sustainable energy solutions like solar panels and heat pumps, all while working towards reducing their bills and carbon footprint over the longer term.
Santander UK will offer £500 cashback to its customers who take out a Santander loan to finance renewable energy home projects.
ScottishPower will also provide a further £500 credit to those customers’ energy accounts when they purchase and install solar panels at home through the company.
Together, the incentives mean customers could receive a total of £1,000, when they choose to invest in solar panels. This helps offset the initial costs of more energy efficient home technology, making it more accessible and affordable to customers across the UK.
Research by green energy specialists Sunsave found 70 percent of UK households would like to install a solar system and yet government data shows only 4 percent have done so, largely because of the hefty upfront installation costs.
The deal is the latest evidence of how energy companies are offering customers incentives to install green, energy efficient, home improvements, to help bring the initial installation costs and cut bills.
ScottishPower describes itself as the first integrated energy company in the UK to generate 100 percent green electricity largely through wind energy.
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.
“Not only will they support the move to a net zero country, they also have the added benefit of reducing customers energy bills and protecting households from volatile gas prices.
“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.”
Michael Taylor, Head of Green Finance, Homes, Santander UK said: “We know that many homeowners want to take steps towards improving their property’s energy efficiency, but our research showed that more than half don’t know where to find trusted information, suppliers and installers. Our partnership with Scottish Power will help customers overcome these hurdles, as well as giving them money back in their pocket to help reduce the cost of upgrading their home.
“Alongside existing measures, such as a free EPC assessment available on our website and discounted mortgage rates for EPC A and B rated properties, we’re ready to support homeowners, whatever stage of the energy efficiency journey they’re at.”
The Octopus energy company recently announced a monthly subscription deal to cover the cost of installing solar panels in partnership with specialists Sunsave. The firm said the panels allow householders to cut energy bills by more than £400 a year.
Sunsave said: “Monthly payments start at just £69, with zero upfront costs to install, and the average family could save 1.63 tonnes of CO2 and £420 in the first year or £51,935 over the next 25 years on their energy bills.”
