Propflo, a proptech company specialising in sustainable property solutions, has been awarded a £35k innovation grant from the West of England Combined Authority’s Business Innovation Fund to further develop its Green Home Tool for Lenders.
The Green Home Tool for Lenders is designed to help homeowners make informed decisions about energy-efficient upgrades for their properties by providing a clear and comprehensive view of the ‘green value’ they can achieve by investing in such upgrades. It also offers ongoing support and engagement, impact monitoring, next steps, and a property vault for key documents in one place.
The grant will fund enhancements to Propflo’s machine learning models for personalised recommendations based on each homeowner’s unique circumstances, overlaying Propflo’s property data, and testing an integration to smart meter data for real-time benchmarking and impact monitoring.
The Green Home Tool for Lenders addresses a significant barrier to energy efficiency upgrades – a lack of a convincing investment case and ongoing support and engagement. By providing personalised recommendations, monitoring impact, and tracking benefits over time, the tool will help homeowners prioritize upgrades to achieve the maximum energy savings and financial benefits.
Luke Loveridge, founder and CEO of Propflo, expressed his excitement about the grant, saying: “We are thrilled to receive this grant and continue our mission to help homeowners make more sustainable decisions about their properties.
“Our tool will provide lenders, estate agents and mortgage brokers with a cutting-edge tool to help homeowners overcome key barriers to retrofitting their properties, making it easier for them to invest in energy-efficient upgrades and save on their energy bills.”
Ying Tan, lead investor and non-executive director, emphasised the importance of technology in supporting property owners to make their homes greener, adding: “With increasing regulatory and societal pressure on lenders to do more on energy efficiency, it’s vitally important that the whole ecosystem provides support to property owners to make their homes greener now, but also support them when they need to make future upgrades. This is where technology can play a vital role, especially for lenders.”
