How To Claim Cashback For Your Heat Pump Purchase
The UK, like many other countries, is striving to decarbonise all sectors of the economy to meet net zero targets. This goal, along with the on-going issues with energy prices means that there is a growing demand for products that will make homes energy efficient. Whilst many new builds are being developed with energy efficiency in mind, it’s important to remember that the biggest benefit will be seen by retrofitting most of the UK’s homes with products that will reduce energy consumption.
Many lenders in the UK have pledged their commitment to reducing carbon emissions and protecting the planet. Lenders such as Barclays, Lloyds Bank and Coventry Building Society are now offering homeowners cashback if they make energy efficient home improvements.
BARCLAYS - GREEN HOME REWARD
At the end of October 2022, Barclays introduced a reward scheme for homeowners who had a mortgage with them and were interested in making home energy efficient improvements to their property. The Green Home Reward allows eligible customers to receive a reward of up to £2,000 cashback for the installation of an air source heat pump, ground source heat pump or a biomass pellet boiler.
For you to be able to register for the Green Home Reward, you need to make sure you’re eligible. Here are a couple of the main criteria points:
You must have a residential mortgage with Barclays
The home improvements are to be carried out on the property listed on your mortgage
The home improvement needs to be completed before 1st November 2023
The costs, shown on your invoice, must be equal to or above the value of the reward
To find out the full criteria list, visit Green Home Reward.
Lloyds Bank - Eco Home Reward
If you’re thinking of making your home greener, Lloyds Bank have a reward scheme called the Eco Home Reward. The scheme is aimed at Lloyds Bank mortgage customers who are looking to borrow extra money to make energy-efficient home improvements. If you’re a Lloyds mortgage customer and install a ground or air source heat pump, you can claim up to £1,000 cashback.
To be eligible, you need to apply for one of the following:
Extra borrowing for home improvements on top of your existing Lloyds mortgage
Extra borrowing for home improvements on top of moving your mortgage to Lloyds
A Lloyds mortgage to buy your first home
A Lloyds mortgage for a buy to let property
To find out more about the eligibility criteria, visit Eco Home Reward.
COVENTRY BUILDING SOCIETY - THE GREEN TOGETHER REWARD
Barclays and Lloyds are not the only business offering cashback to their customers. Coventry Building Society have introduced the Green Together Reward which offers eligible customers £500 cashback if they make energy efficient changes to their home. The reward is targeting customers who spend a minimum of £2,500 on home improvements such as air source heat pumps, ground source heat pumps or solar panels.
Here are a few other requirements you need to be able to qualify:
Must spend at least £2,500 with a TrustMark registered business to make energy efficiency improvements to your property
You must be a customer of Coventry Building Society
The reward scheme is available for new and existing customers who apply for a mortgage or change their existing mortgage
To find out more, visit The Green Together Reward.
Can You Combined The Reward With The Boiler Upgrade Scheme?
The simple answer is yes!
The Boiler Upgrade Scheme (BUS) is a Government grant introduced to encourage homeowners and businesses to replace their fossil fuel boilers with a low carbon heating system such as a heat pump. In short, the scheme allows customers to claim between £5,000 - £6,000 in funding for the purchase of either a ground source or air source heat pump. The BUS grant can then be combined with either the Green Together Reward, the Eco Home Reward or the Green Home Reward. This will reduce the cost of a heat pump even further.
To find out more about the Boiler Upgrade Scheme, click here.
To claim cashback from either Barclays or Coventry Building Society, homeowners will need to purchase any energy efficient upgrades through a TrustMark Registered Business such as Alto Energy. On top of that, if you’re eligible for the Boiler Upgrade Scheme and purchase a heat pump through us, we can apply for the grant on your behalf.
If you’d like to move away from your fossil fuel boiler and install a more efficient heating system, get in touch today to discuss your heat pump requirements.
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