Barclays will start paying up to £2,000 to its mortgage holders to help them green their home as three in four say they cannot afford the changes they want to make within the next five years. The bank said it would run a trial to pay back customers who install new insulation, heat pumps or solar panels, among other solutions.
The bank said that most of the homeowners it surveyed wanted to improve the energy efficiency of their homes. But most are only making small-scale improvements which do not cost much up front. This can include changing old light bulbs for more energy efficient versions – something which has only a small impact on a home’s carbon emissions.
“There is a clear need to improve the energy efficiency of UK housing, but as our data indicates, cost remains a barrier to turning desire into action,” said Barclays chief executive C.S. Venkatakrishnan. “We hope this pilot will go some way towards encouraging consumers to make energy efficiency-related home improvements.”
