Eligible residential mortgage customers can register until end of January 2024
Aiming to support homeowners in making energy efficiency related changes to their homes, Barclays has announced the extension of its Greener Home Reward scheme, with the registration period adjusted until January 31, 2024.
The scheme offers eligible residential mortgage customers up to £2,000 to make selected home energy efficiency-related improvements.
No additional lending is required to benefit from the scheme, and all eligible new and existing Barclays UK residential mortgage customers can sign up. Customers must register for the cash reward online and then make and pay for a selected home energy efficiency-related improvement.
Barclays, one of the UK’s largest mortgage lenders, said customers could choose to install any one of several home improvements from a set list, including an air-source heat pump, double or triple glazed windows, solar panels, or home insulation. The chosen home improvement must be completed by a TrustMark-registered business or tradesperson.
The extension announcement of the Barclays Greener Home Reward scheme comes as a study of nearly 3,000 homeowners has revealed misconceptions around the cost and inconvenience of installing energy efficiency-related modifications as among the issues holding homeowners back from making retrofitting upgrades to their homes.
The landmark study by Barclays and market research firm Ipsos also showed that more than half, or 55%, of homeowners did not feel confident making their homes more energy efficient, while a third had ruled out making energy efficiency-related modifications altogether.
However, new Barclays proprietary data has revealed that homeowners can be encouraged to take action when improvements are made more affordable, with 55% of Greener Home Reward claimants making or taking the decision to make energy efficiency-related changes as a result of the cash reward.
“Doing more across the UK’s housing stock to manage carbon emissions and increase energy efficiency in homes will help offset energy costs,” commented Matt Hammerstein (pictured), chief executive at Barclays UK. “That’s why we have decided to extend registrations for our Greener Home Reward until the end of January 2024 to support more customers in heating and powering their homes more efficiently.
“Our research identified myths and misconceptions about how long it takes to make energy efficient modifications and the costs involved, while our extension will also enable us to obtain greater insights to help us develop new products and services for our customers.
“We hope this extension opens the door to more homeowners planning improvements – while also providing a welcome financial boost to help them make changes ahead of next winter.”
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