Lloyds is offering customers the chance to get a heat pump installed on them when they take out a new mortgage.
Lloyds ‘free’ heat pump offer is supported by installation partner Octopus Energy, the UK’s largest energy providor.
Customers who take out a new Lloyds mortgage or switch deals between now and November 24, have or take out a Club Lloyds current account, and are eligible for the government boiler upgrade scheme, could claim an air-source heat pump supplied and fitted by Octopus, with Lloyds picking up the cost of standard installation above anything governnment grants already cover.
Customers need to check they are eligible on a Lloyds website, then contact Octopus to arrange a for them to check their home is suitable and the installation of the new heat pump. Lloyds will deal with the costs directly with Octopus.
To qualify, customers need to be eligible for the government’s boiler upgrade scheme, and old or open a Club Lloyds bank account at the time of applying (£5 per month fee, refundable each month you pay in £2000 or more).
They then have to apply for a new Lloyds mortgage or product transfers before November 24 for a home in England. The home must currently be rated EPC C or D.
They can then claim their heat pump from Lloyds and Octopus within 12 months of their mortgage completing.
Government data suggests that 90% of UK homes already have enough insulation to make them suitable to run a heat pump with additional insulation to help improve efficiency. Other benefits could include lower energy bills with smart tariffs, better air quality, lower Co2 emissions.
Research carried out for Lloyds claims to show that those who’d recently installed a heat pump are seeing benefits, with the majority (60%) saying their homes were either warmer in winter or just generally more comfortable to live in. The research also indicates that a heat pump is seen by most as an investment in their home, with three quarters (77%) saying that it would help to increase the value of their home – aligning with the Bank’s own figures that show energy efficient homes attract a premium.
Based on Octopus’ costs, an air-source heat pump can be installed in a three-bedroom home for around £11,400, but with a £7,500 boiler upgrade scheme grant available, this brings the cost down to £3,900, about the same as a new gas boiler. For standard installations, this new offer from Lloyds would see that cut to zero.
A Lloyds spokesperson says: “Heat pumps are quite literally transformative – our customers tell us they’re cosy, efficient and reliable, and now for some Lloyds mortgage customers they can be completely free. It’s a no-brainer of a deal – what better way to welcome your new home thatn with gas-free heat and no upfront cost?”
This article is taken from Landlord Today