Rewards for Making Your Home Greener

Rewards for Making Your Home Greener

Posted on June 24, 2024

Green Reward Scheme

In a world where global warming is a big concern and a switch away from fossil fuels is being promoted, many people strive to live greener lifestyles. Many households are aiming to reduce their carbon footprint in a variety of ways, from recycling and investing in electric or hybrid cars to installing solar panels and air-source heat pumps. Greener homes are being supported by cashback rewards and incentives from banks, too, making eco-friendly changes more financially viable than ever.

With this in mind, let’s examine the help and support available, including solar PV grants.

Barclays – Greener Home Reward

Barclays has shown its dedication to protecting the environment by launching a Greener Home Reward. This is a one-time cash incentive designed to help with home improvements such as solar panel and heat pump installations. To apply, clients must have an eligible residential mortgage with the bank, and all mortgage payments should be up-to-date with a Direct Debit in place. The reward can only be claimed once.

Qualifying customers can claim the Greener Home Reward in four simple steps.

  1. Apply for the Greener Home Reward using the online application form.
  2. Get a TrustMark-registered business to complete the eligible home improvements on your property. You’ll have nine months to complete the improvements and make a claim.
  3. Submit your claim form on time to claim your reward. If it’s approved, you’ll be required to send proof of work and payment documents.
  4. Your reward will be processed within four weeks of your claim being completed.

Virgin Money – Green Reward

With Virgin Money, you can enjoy £250 cashback for energy-saving upgrades that make your home a little greener. Those who borrow more on their residential or buy-to-let mortgage to improve their property could be entitled to the cashback incentive, as could those planning to spend £2,500 or more on environmentally conscious property updates.

Improvements that qualify include temperature controls, thermostatic radiator valves, air source heat pumps, ground source heat pumps, biomass pellet boilers, fan-coiled radiators, cavity and solid wall insulation, suspended floor insulation, solid floor insulation, loft and pitched roof insulation, room in roof insulation, solar panels and solar batteries, solar thermal hot water, double and triple glazing, draught proofing and insulating external doors.

Nationwide – Green Reward

With Nationwide’s Green Rewards, you could get up to £500 cashback when you buy an energy-efficient home. The cashback you get will all depend on the property’s Energy Performance Certificate (EPC) and how green your new home is. The higher the score on the EPC, the more money you’ll receive.

When buying a home with a Nationwide mortgage, you’ll receive:

  • £500 cashback for a property with a score of 92 or above.
  • £250 cashback for a property with a score of 86 to 91.

This scheme is available in addition to other cashback offers from Nationwide.

Santander – Home Energy Cashback

Santander is yet another bank willing to offer cash rewards to those borrowing money for energy-efficient updates to a property. The Home Energy Cashback scheme is open to existing Santander mortgage or personal current account customers. You’ll also need to get an additional loan on your mortgage or a personal loan from the bank to pay for the work and a Direct Debit for the loan must be in place. There are two levels of cashback depending on the sum you borrow:

  • £250 home energy cashback if you borrow between £5,000 and £9,999.
  • £500 home energy cashback if you borrow £10,000 or more.

NatWest – Green Mortgages

NatWest’s Green Mortgages scheme is designed to get people to buy energy-efficient properties from the outset. The bank is offering a reduced rate on selected mortgages for two years if you invest in a property with an EPC of A or B.

Lloyds Bank – Eco Home Reward

Following a successful Eco Home Reward for mortgage customers, which is currently closed for new registrations and claims, Lloyds Bank is working on a new scheme that will reward those who make energy-efficiency changes to their property. Full details will be revealed soon, but it’s likely that qualifying customers will receive the cashback incentive upon completing a suggested home improvement. This might include calling in solar panel installers or investing in an air source heat pump.

In the meantime, the bank is offering £250 cashback to customers who are buying an energy efficient home or who already have an energy efficient home and are switching their mortgage to Lloyds from another lender.

Halifax – Green Living Reward

While Halifax’s Green Living Reward is currently closed for new registrations and claims, an updated version of the Reward is in the pipelines. It’s likely to be similar to the previous scheme which provided a cashback reward for eligible mortgage customers who completed a listed green home improvement. As with most incentives, customers will have access to a full selection of home improvements that come with a financial reward.

Like Lloyds, Halifax offers a £250 cashback reward for those buying an energy-efficient home or remortgaging with the bank for an existing energy-efficient home.

You can do many things to improve your property’s efficiency. From calling in heating engineers for boiler upgrades to installing solar panels with battery systems, making eco-friendly changes is easier than you might think. At Aura Heating, our MCS-certified engineers are on hand to update the green property you desire. With over 15 years of experience, our team can help you achieve your goal of going greener in the most affordable way possible. Get in touch today to discuss your plans.