A new pilot scheme designed to make it easier for people to purchase a heat pump, has been launched by Octopus Energy and MBNA Limited, part of Lloyds Banking Group. The energy supplier already claims to offer the lowest price for heat pumps in the UK market, with quotes as low as £3000 after the government’s Boiler Upgrade Scheme (BUS) grant.
The financing option, which will provide consumers with the option of making monthly payments, will initially be available for a four-month pilot, with Octopus looking to expand consumer financing into other home decarbonisation products in the future, such as solar panels.
Octopus Energy says that switching from a gas boiler to a heat pump on a smart tariff can save a typical UK household around £100 a year, and further £100 if the standing charge for gas is removed.
Hiral Gogoi, loans director at MBNA, comments: “It’s important we make it as easy as possible for people to take the steps needed to live more sustainably, including having a warmer and more energy efficient home. We know customers are increasingly interested in loans for making ‘green’ home improvements, and our pilot with Octopus Energy will make applying for an air source heat pump loan even easier to do.”
