Are cheap heat pump loans the quickest way to UK’s ‘retrofit revolution’?

Bank customers will reportedly be able to get cheap loans from UK banks to make their homes greener

Customers of UK banks will reportedly soon be able to access loans with potential low interest rates to cover the cost of green technologies, including heat pump installations.

According to The Times, the Chairman of the UK arm of Santander said it would support government plans for financial schemes designed to retrofit homes and reduce emissions from housing.

Two weeks ago, the Institute for Public Policy Research published a report claiming that the UK is currently installing only 6% of the heat pumps needed by 2028 to keep pace with net zero.

William Vereker, Chair, Santander UK, said: “Decarbonising Britain’s homes is a critical part of tackling climate change but the hard truth is that most households simply cannot afford the upfront costs of energy efficiency upgrades.

“With millions facing eye-watering rises in energy bills, it’s vital that we put in place the funding support needed to make retrofitting a viable option for every household, combined with a massive public awareness and information campaign.

“Without the right steps taken now, the right strategy put in place and the right people coming together, we risk a rushed last-minute response that will disadvantage the most vulnerable in society.” 

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