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Barclays is set to offer £1,000 towards solar panels installation for its UK residential mortgage customers. As part of Barclays’ Greener Home Reward scheme to support energy-efficiency home-related improvements, any existing UK residential mortgage customer that registers online can benefit from the scheme.
Barclays residential mortgage customers that have registered for the scheme will receive a cash reward of £1,000 once they have made and paid for their solar panel system. The cash reward of £1,000 is available for solar water heating and solar battery storage systems, as well as solar panels, and must be completed by a TrustMark-registered business.
With the energy cap set to rise again in April 2023, which could see the average homeowner paying £3,000 annually, Barclays says it recognises that many homeowners are seeking to make energy efficiency-related improvements to their homes, but some homeowners may not be able to afford this.
The Greener Home Reward Scheme also supports other energy efficiency-related home improvements. Barclays UK residential mortgage customers that are registered to the scheme can also receive up to £2,000 for installing air source heat pumps, home insulation and double glazing windows.
C.S. Venkatakrishnan, Group CEO at Barclays said: “There is a clear need to improve the energy efficiency of UK housing, but as our data indicates, cost remains a barrier to turning desire into action.”
Barclays research shows that more than half (57%) of homeowners have said that they believe their mortgage provider should contribute towards energy efficiency-related home improvements. Barclays claims its Greener Home Reward scheme will drive change, aiming to remove the cost barrier faced by many homeowners.
Through studies conducted by Barclays, it was found that 73% of homeowners cited cost as the main factor discouraging them from carrying out large-scale home improvements. Homeowners were asked whether they would reconsider if there was a cash reward system in place. A resounding 83% revealed that they would be more compelled to make large-scale home improvements.
When asked about the type of improvements homeowners would most like to make, the study found that 57% said solar panels and 42% said solar hot water heating was the top priority.
“We hope this pilot will go some way towards encouraging consumers to make energy efficiency-related home improvements,” said Venkatakrishnan.
This is not the first time that Barclays has sought to improve renewable energy sources in the UK. This pilot scheme is the latest in a range of renewable energy projects from Barclays, one of which includes the signing of a 10-year power purchase agreement operations with BP in February this year.
If you’d like to learn more about solar panels and how the investment will pay back, then read our guide to solar panels, or for more on how solar panels work read here.