Octopus Energy giving £2,000 to Lloyds Bank and | European Markets

Octopus Vitality is giving up to £2,000 cashback to Lloyds Financial institution and Halifax prospects who make inexperienced upgrades to improve their home.

The main power provider, which serves round 6.4 million UK households, says the money is out there to those that get a heat pump put in of their home.

Warmth pumps are at the moment more costly to buy and set up than a standard boiler, however they’re considerably more power environment friendly and will be cheaper to run, doubtlessly saving you lots of of kilos per yr when you swap.

They work by capturing heat from the air, ground or water after which passing this by a heat exchanger, the place power is then transferred to the water that flows by your radiators or underfloor heating, and to the water saved in sizzling water cylinders.

In response to Octopus, the average lifespan of a heat pump is up to twenty years – in comparison with 15 for a boiler – they usually have an effectivity of 310% – in comparison with simply 85% for a boiler.

The provider provides that the prices of operating a heat pump ought to value a related quantity to a gasoline boiler for the average home, however when you select a good, great heat pump tariff you possibly can save lots of of kilos yearly, so the investment is value it.

Octopus says that many of the largest banks and mortgage lenders will now reward prospects who make inexperienced enhancements to their home, paying up to £2,000 cashback to those that set up a heat pump.

If you happen to’re a Lloyds Financial institution or Halifax buyer and get a heat pump put in with Octopus, you’ll be eligible for £2,000 cashback plus £100 in power credit.

The provider explains: “If you’ve been thinking about getting solar panels or a heat pump to upgrade your home and cut your energy bills, but not sure if you can afford it, we’re here to help.

“We offer a range of monthly finance offers in order to help spread the cost of a heat pump, solar and battery, including 0% finance on solar.

“For example, if you’re a Lloyds Bank or Halifax customer (with a Lloyds loan, mortgage, savings, investment or insurance product) and get a heat pump installed with Octopus, you’ll be eligible for £2,000 cashback within 30 days of installation and £100 energy credit.

“That means, with the addition of the government’s boiler upgrade scheme taking an additional £7,500 off the cost, you could get a heat pump for less than a gas boiler.”

The £2,000 cashback from Lloyds Financial institution and Halifax is out there to mortgage prospects making use of for a new mortgage, extra borrowing, or switching to a new deal after July 31, 2024.

You need to finish the home enchancment within one yr of making use of for a Lloyds Financial institution or Halifax mortgage, extra borrowing, or new deal.

Along with £2,000 cashback, when you’re a Lloyds Financial institution borrowing, mortgage, financial savings, investment, or insurance coverage buyer and get a heat pump put in with Octopus, you’ll even be eligible for £100 power credit.

Octopus provides: “We’re on a mission to decarbonise UK homes. That’s why we’ve worked hard to bring down the cost of installing low carbon tech, like heat pumps, solar and battery, in homes across the UK, making it easier and more affordable to benefit.”