Octopus Energy is giving up to £2,000 cashback to Lloyds Bank and Halifax customers who make green upgrades to improve their home.
The major energy supplier, which serves around 6.4 million UK households, says the money is available to those who get a heat pump installed in their home.
Heat pumps are currently more expensive to buy and install than a conventional boiler, but they are significantly more energy efficient and can be cheaper to run, potentially saving you hundreds of pounds per year if you switch.
They work by capturing heat from the air, ground or water and then passing this through a heat exchanger, where energy is then transferred to the water that flows through your radiators or underfloor heating, and to the water stored in hot water cylinders.
According to Octopus, the average lifespan of a heat pump is up to 20 years – compared to 15 for a boiler – and they have an efficiency of 310% – compared to just 85% for a boiler.
The supplier adds that the costs of running a heat pump should cost a similar amount to a gas boiler for the average home, but if you choose a smart, great heat pump tariff you could save hundreds of pounds annually, so the investment is worth it.
Octopus says that many of the biggest banks and mortgage lenders will now reward customers who make green improvements to their home, paying up to £2,000 cashback to those who install a heat pump.
If you’re a Lloyds Bank or Halifax customer and get a heat pump installed with Octopus, you’ll be eligible for £2,000 cashback plus £100 in energy credit.
The supplier 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 Bank and Halifax is available to mortgage customers applying for a new mortgage, additional borrowing, or switching to a new deal after July 31, 2024.
You need to complete the home improvement within one year of applying for a Lloyds Bank or Halifax mortgage, additional borrowing, or new deal.
In addition to £2,000 cashback, if you’re a Lloyds Bank borrowing, mortgage, savings, investment, or insurance customer and get a heat pump installed with Octopus, you’ll also be eligible for £100 energy credit.
Octopus adds: “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.”
