Most homeowners hope to make energy efficiency-related home improvements within five years, but three quarters admit they cannot afford them.
Research carried out by Barclays Bank shows cost is the prohibitive barrier with homeowners favouring small scale lifestyle changes over larger, structural ones.
To help make these improvements more affordable, Barclays has launched a ‘test and learn’ pilot scheme offering residential mortgage customers up to £2,000 towards energy efficiency-related home improvements.
The Greener Home Reward is available to all new and existing Barclays UK residential mortgage customers and no additional lending is required for eligibility.
Customers can register for the cash reward online and then make and pay for a selected improvement.
They can choose to install any one of several home improvements, including an air-source heat pump, double or triple-glazed windows, solar panels, or home insulation. The only stipulation is it must be completed by a TrustMark-registered business or tradesperson.
Barclays will also be collecting data and insights throughout the pilot with a view to rolling out wider home improvement support measures in the future.
Sheldon Bosley Knight’s sales manager Morgan Rhys said: “With homeowners hit with a double whammy of cost of living expenses going through the roof and the climate crisis, any improvements to a property’s energy efficiency will be a win win.
“However, it can cost a huge amount to make the necessary changes so it is good to see some of the mortgage providers helping their customers who want to do their bit for the environment and ultimately save them money.”