ScottishPower and Santander UK have partnered to make heat pumps and solar panels more affordable for homeowners across the UK.
This collaboration was formed to help homeowners invest in energy-efficient solutions while reducing their carbon footprint and energy bills.
Santander UK will offer £500 cashback to customers who take out a loan for renewable energy projects, such as heat pumps or solar panels.
Additionally, ScottishPower will provide £500 credit to customers’ energy accounts when they purchase and install solar panels through them.
This means customers could receive a total of £1,000 when they choose to invest in solar panels, helping to offset the initial costs of energy-efficient technology.
Andrew Ward, chief executive of ScottishPower’s customer business, said: “We know that a large proportion of the UK’s carbon emissions comes from domestic housing, and that measures like heat pumps and solar panels are the solution.
“Not only will they support the move to a net zero country, they also have the added benefit of reducing customers’ energy bills and protecting households from volatile gas prices.
“The people of the UK need banks like Santander to offer more affordable and innovative finance solutions to help the energy transition.
“Many homes don’t have the savings to invest and so making it easier for households has to be the priority of energy companies, banks and government.”
Michael Taylor, head of green finance at Santander UK, said: “We know that many homeowners want to take steps towards improving their property’s energy efficiency, but our research found that more than half don’t know where to find trusted information, suppliers and installers.
“Our partnership with ScottishPower will help customers overcome these hurdles, as well as giving them money back in their pocket to help reduce the cost of upgrading their home.”
