Peabody has secured a £60m loan from Lloyds Banking Group to improve the energy efficiency of thousands of homes.
The funding will go towards measures such as solar panels, loft and wall insulation, low-energy lighting, heat pumps, and water-saving technology.
The loan is partly guaranteed by the Government’s National Wealth Fund, which has put aside £1.3bn to guarantee retrofit work.
More than 80% of Peabody homes already have an energy performance certificate (EPC) rating of C or above, and the group aims to have all rented homes at this level by 2030.
Phil Day, chief financial officer at Peabody, said: “This additional funding will help us improve the energy efficiency of more residents’ homes, making them easier to keep warm and helping us meet our net zero targets.
“Our new group strategy focuses on three areas, one of which is providing better homes and places, and we’re pleased to be able to work with Lloyds Bank to help deliver on our goals.”
Jess Tomlinson, global head of real estate & housing at Lloyds Banking Group, said: “Accelerating the retrofit of the country’s social housing stock is a critical step in the UK transition to a low carbon economy.
“We’re proud to be working in partnership with the National Wealth Fund to enable housing associations, like Peabody, to provide more energy-efficient and cost-effective homes across the UK – helping improve health, work and home life for thousands of social housing residents.”
