You are here: Home - Mortgages - Remortgage - News -

Barclays pilots £2k cashback scheme for green home improvements

Written by: John Fitzimons
Barclays is trialling a scheme where existing borrowers are offered up to £2,000 to help pay for energy efficiency improvements to their homes.

The ‘Greener Home Reward’ scheme is available to Barclays residential mortgage customers, who register for the cash reward online and then use the money to pay for a selected home energy efficiency-related improvement.

Borrowers do not have to request additional lending in order to qualify for the Greener Home Reward scheme, with all new and existing residential mortgage customers eligible.

Different sums are available based on the improvement being made. For example, the full £2,000 is available for those looking to install air and ground source heat pumps, or biomass boilers. These cost an average of up to £19,000 and £17,000 respectively.

This drops down to £1,000 for those installing features like solar hot water heating or solar panels, and £500 for homeowners who add floor or cavity wall insulation.

The work needs to be carried out by a Trustmark-registered business or tradesperson, while Barclays said the data and insights it picks up from the pilot will inform its product development of other measures which support home improvements.

‘An immediate reward’ for energy efficiency upgrades

Dr Pete Brooks, behavioural economist at Barclays, said that it’s common for people to prefer smaller, immediate rewards rather than longer pay-offs further down the line, which can cause them to overlook the long-term benefits of such energy efficiency improvements.

He added: “To overcome this, our latest initiative helps provide a more immediate reward to our residential mortgage customers to help with the cost of making energy efficiency-related home improvements.

“Couple this with providing helpful information to consumers to help them make informed choices and we hope to encourage more people to overcome their human biases.”

Just last week Lloyds Banking Group and Octopus announced they had teamed up to offer select mortgage customers £1,000 cashback when installing cheaper and greener air source heat pumps.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week