Pilot scheme offers cashback for heat pumps
Homeowners looking to replace or upgrade their existing boiler with a heat pump could receive £1,000 cashback through a new pilot scheme from Halifax.
The partnership between Lloyds Banking Group and Octopus Energy is available to Halifax customers who are using mortgage borrowing to finance the installation of a heat pump.
To qualify, homeowners must apply for one of the following qualifying mortgages:
- Extra borrowing for home improvements on top of an existing Halifax mortgage
- Extra borrowing for home improvements on top of moving a mortgage to Halifax
- A Halifax mortgage to buy a first home
- A Halifax mortgage for a buy-to-let property.
Borrowers who want to switch to a heat pump can arrange this with Octopus Energy through the Green Living Reward portal on the Halifax website. Once the installation is complete, they will be eligible for £1,000 cashback – with no need to claim.
Based on Octopus Energy’s costs, an air-source heat pump can be installed from £8,000, but the £5,000 Boiler Upgrade Scheme grant brings the cost down to £3,000. With the additional £1,000 cashback from Halifax, a new heat pump could be cheaper than a gas boiler for those looking to replace or upgrade their heating.
More information is at www.halifax.co.uk/mortgages/help-and-advice/green-living/green-living-reward.html
