Barclays offers mortgage customers up to £2,000 for green improvements

PUBLISHED: 23rd Nov 2022

Barclays customers are being offered up to £2,000 towards energy efficiency-related home improvements on a ‘test and learn’ pilot scheme.

The Greener Home reward is available to all new and existing Barclays Uk residential mortgage customers with no additional lending required for eligibility. Customers can register for the cash reward online and then make and pay for a selected improvement.

The selection comprises biomass- boilers(£2,000 available) and air and ground source heat pumps, solar electricity panels, solar battery storage and solid wall insulation (£1,000 available); and flat roof/loft/pitch roof insulation, floor insulation and double, triple and secondary glazing (£500 available).

Barclays stipulates that the work must be completed by a TrustMark-registered business or tradesperson. The lender will also be collecting data and insights throughout the pilot with a view to rolling out wider home improvement support measures in the future.

The scheme was announced following Barclays research showing three-quarters (75%) of home owners intend to make energy efficiency-related changes to their homes, with the vast majority (90%) hoping to make improvements within five years. When asked about the changes homeowners hope to make in the future, installing solar electricity panels (57%) and solar hot water heating (42%) were the top priorities.

More than seven in ten (73%) stated that the cost of the work was the primary issue holding them back while 56% said they lacked sufficient cashflow to pay upfront costs. The perceived lack of immediate return on investment or ‘payback period’; also played a part into the decision-making process, with 23% admitting that it had put them off.

The CEO of Barclays Bank said “we hope this pilot will go some way towards encouraging consumers to make energy efficient-related home-improvements”.

If you are considering selling your home and would like a free-market appraisal call David Phillip FRICS on 01134 676 400.

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds LS16 9AN  w:davidphillip.co.uk

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