Hometree, a residential energy services company, has partnered with Barclays, for raising £250m of debt financing. This initiative will help finance homeowners to install solar panels, battery storage systems and heat pumps, etc. to promote green energy in households.
The initiative offers zero-deposit payment options designed for the domestic renewable energy market. It also features system monitoring and repairs to help homeowners switch to green power. Under this initiative, homeowners will even be able to “pay as they save”, as the forecasted savings through reduced energy bills will exceed their monthly payments.
MCS data show that consumer interest in renewable energy systems is at an all-time high with over 220,000 heat pumps & solar installations taking place in UK homes in 2023. However, despite high demands, green energy solutions is out of budget for many households with the average cost of installation for solar and battery systems being £13,600, and £12,700 to £31,500 for air source and ground source heat pumps respectively.
Hometree’s finance initiative helps homeowners overcome the budgeting challenges when opting for green home solutions. The company offers zero-deposit leases and loans with low interest rates. The facility is available at the point of sale through accredited installers. The company is aiming to install over 28,000 renewable energy systems in the next two years.
The payment plans are available for up to 25 years for solar panels, giving customers the option to spread the installation cost across the lifespan of the hardware.
Simon Phelan, Founder and CEO of Hometree, said, “Many homeowners naturally want to invest in renewable technologies but are put off by the extraordinarily high upfront costs. That’s why we’re focused on removing barriers to help more households take control of their energy bills and carbon emissions. We’re delighted to be working with Barclays to help us develop and scale flexible finance solutions with all-inclusive cover built-in, to enable homeowners to make the switch to clean, green energy with confidence.”
