Upgrading to a heat pump is now more affordable, thanks to cashback incentives from major UK banks and mortgage lenders. Eligible customers can receive up to £2,000 cashback when they install a heat pump, in addition to government grants and exclusive energy credits.
As well as the information below, this page from MoneySavingExpert is regularly updated with information on Green Mortgages for making green and energy saving improvements to your home.
Available Bank Cashback Offers for heat pumps
Barclays – Greener Home Reward
- Cashback: £2,000 for heat pump installations.
- Eligibility: Available to residential mortgage customers.
- Requirements: Must use a TrustMark-approved installer. Cashback is paid 30 days after installation into the bank account from which mortgage payments are made. Claims must be submitted within three months of the final installation payment.
Lloyds Bank & Halifax – Eco Home Reward
- Cashback: Up to £2,000 for heat pump installations.
- Eligibility: Available to mortgage customers applying for a new mortgage, additional borrowing, or switching to a new deal after 31 July 2024.
- Requirements: Home improvements must be completed within one year of the mortgage application.
- Cashback: £2,000 for heat pump installations.
- Eligibility: Available to mortgage customers applying for additional borrowing for energy-efficient home improvements, or customers applying for a home improvement loan if they are existing mortgage or personal current account holders.
- Requirements: The work must be carried out at the property address associated with the mortgage or personal current account
Additional Savings
These bank cashback offers can be combined with the government's Boiler Upgrade Scheme, which provides a grant of £7,500 towards the cost of a heat pump. By stacking these incentives, you could significantly reduce the overall cost of transitioning to a more energy-efficient heating system.
Why Choose a Heat Pump?
- Read more about Air Source Heat Pumps
- Energy Efficiency: Heat pumps can reduce your home's carbon emissions by up to 83% compared to traditional gas boilers.
- Cost Savings: With available grants and cashback offers, the upfront cost of a heat pump can be comparable to, or even less than, that of a new gas boiler.
- Long-Term Benefits: Heat pumps offer lower running costs and require less maintenance over time.
Get Started
To take advantage of these offers, check your eligibility with your bank and consult with a certified heat pump installer (like us!). Combining these financial incentives can make your transition to a greener home both affordable and straightforward.