Octopus Energy offers heat pumps for £2,000 through new scheme with Lloyds bank | Personal Finance | Finance
Under the pilot scheme, Halifax mortgage customers will be able to get a heat pump set up from as little as £2,000. Octopus Energy will provide and install the heat pumps, while Halifax will award a £1,000 Green Living Reward towards the costs.
If a person had a heat pump installed using the scheme and secured a £5,000 grant through the Government’ Boiler Upgrade Scheme, it would cost less than many gas boilers, they said.
The installation price of £2,000 is based off Octopus Energy’s typical cheapest install price of £3,000, after the £5,000 BUS grant has been applied, which is reduced by £1,000 with the Green Living Reward.
The two groups hope the offer will benefit the 10 million UK homes already suitable for heat pumps, as well as 14 million households that could set up the kit if they had minor efficiency measures carried out, such as loft insulation.
Octopus Energy said the air-source heat pumps are a low carbon source of heating, which run on electricity increasingly coming from renewable sources.
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They provide three to four times the energy efficiency of boilers, the group said.
Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy, said: “The pilot with Lloyds Banking Group comes at a crucial time for consumers facing a dual climate and cost of living crisis.
“It no longer needs to be a question of prioritising one over the other: heat pumps are greener than gas boilers, and thanks to Octopus, the Government and Lloyds Banking Group, they can be cheaper too.”
Earlier this year, Octopus Energy bought heat pump manufacturer Renewable Energy Devices (RED) in efforts to build cheaper and better heat pumps for the UK.
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Jas Singh, CEO Consumer Lending, Lloyds Banking Group, said:
“Lots of homeowners who need to replace, or want to upgrade, a gas boiler may have considered the switch to a heat pump but see the cost as a barrier.
“This extension to our Green Living Reward scheme will make switching from a gas boiler to a new, more efficient, cheaper to run heat pump easier and more affordable than ever before.
“We won’t stop here. We are committed to playing our part in reaching net zero by continuing to support and encourage our customers to make greener choices for their homes.
“This pilot is just the first from our partnership with Octopus Energy; we will continue to innovate, we will continue to help make Britain’s homes better for their owners and better for the environment.”
More to follow…
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