Homes across UK to get low- or no-interest loans to fund solar panels and heat pumps
Summary
The UK government has launched Warm Home Loans, offering households loans of £7,500 to £35,000 for upgrades such as solar panels, batteries and heat pumps. The scheme is intended to spread costs over time, while the government says combining these technologies could cut energy bills by up to £550 a year, or £850 with a time-of-use tariff.Key Facts
- The Warm Home Loans scheme launched on Tuesday and offers interest-free or low-interest loans.
- British Gas and E.On are among the energy suppliers partnering with lenders to offer loans to customers.
- Loans may cover up to £10,000 for an air-source heat pump or £35,000 for a ground-source heat pump.
- The government’s boiler upgrade scheme currently offers grants of up to £9,000 for some heat-pump installations.
- The government estimates that installing a heat pump, battery and solar panels could save up to £550 a year on bills, with a further £300 possible through a time-of-use tariff.
- E.On chief executive Chris Norbury said a trial found fuel-poor customers in Coventry saved more than £250 a year on average by pairing home batteries with time-of-use tariffs.
- The article reports that the government is expected to cut hundreds of millions of pounds from the boiler upgrade scheme’s £2.7bn five-year budget.
- Other participating lenders include HTG Finance, Secure Trust Bank, South Manchester Credit Union and Sunsave.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
