It also offers new cashback incentives to help customers with costs of energy efficiency upgrades
Santander UK has updated its Green Homes Hub and launched new cashback incentives aimed at assisting homeowners and landlords with the costs associated with making energy-efficient upgrades to their properties.
Customers who secure a loan for home energy improvements can now receive cashback rewards. Specifically, borrowers of amounts between £5,000 and £9,999 are eligible for £250, while loans of £10,000 or more can earn a £500 cashback.
In addition to financial incentives, Santander UK has formed partnerships with prominent service providers to support its clientele in adopting green energy solutions. A collaboration with Octopus Energy offers insights into the design and installation of solar panels, plus a £500 discount on installation costs.
Furthermore, through a partnership with Vibrant, Santander mortgage or current account holders can receive a complimentary energy performance certificate (EPC) assessment, which helps identify potential energy efficiency improvements for their homes and connects them with reputable tradespeople to perform upgrades.
The enhanced Green Homes hub is accessible through the lender’s website.
Last month, Santander UK published its “Tomorrow’s Homes” report, which urged the government to enhance support for homeowners and renters seeking to boost their property's energy efficiency. The report advocated for increased upfront grant support, such as stamp duty rebates for new homeowners who invest in retrofitting, and targeted financial aid for lower-income households administered by local authorities.
The report also called for government intervention in creating online resources to simplify home retrofitting and to extend financing options for green improvements, mirroring past schemes for SME lending and COVID-related loans. It highlighted the need for bolstering the supply chain with definitive, long-term commitments to retrofit demand and suggested enhancing educational programs for tradespeople specializing in energy efficiency, potentially through a revised apprenticeship system building on the Heat Training Grant.
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