Barclays has extended its scheme to pay up to £2,000 to mortgage holders to help make their homes green as new research shows more than half of homeowners do not feel confident making their properties more energy efficient.
The bank launched a trial last year to pay back customers who install new insulation, heat pumps or solar panels among other energy efficiency solutions. It has now committed to extend the scheme for eligible mortgage customers.
It comes after a year of surging energy bills for cash-strapped households across the UK.
Research from Barclays shows 69% of Britons say they have made small changes to reduce their energy consumption, such as using heating for less time, and over a third (37%) have considered ways to make properties more efficient.
However, the bank said more needs to be done to help homeowners make longer-term changes to improve the energy efficiency of properties amid “misconceptions” over the cost of some solutions.
Nick Stace, head of sustainability and social purpose at Barclays, said: “Our research reveals that the majority of homeowners surveyed say that they have become more aware of their electricity and gas consumption over the last six months, with many of them making small changes to reduce their energy usage.
“More needs to be done to support homeowners in making long-term, larger-scale changes such as fitting solar panels or wall and roof insulation.
“That’s why we have decided to extend our Greener Home Reward until the end of January 2024, to support more eligible customers in heating and powering their homes more efficiently.”
The bank’s research, completed with Ipsos across almost 3,000 homeowners, found many overestimate the cost of common energy efficiency-related works.
Modifications such as loft and roof insulation were considered to be up to two-and-a-half times more expensive than the actual average bill for improvements, it said.
Matt Hammerstein, chief executive at Barclays UK, said: “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.”
