West Yorkshire Mayor launches new loans to help homeowners with energy bills
Homeowners across West Yorkshire will be supported to make home improvements that deliver long-term savings off their energy bills, under new plans announced by Mayor Tracy Brabin.
Home Energy West Yorkshire introduces low-interest loans for people to renovate their homes and reduce their energy bills.
The loans of between £5,000 and £25,000 will have a fixed interest rate of 3.26%. They can be spent by households on any measures that improve their energy efficiency, such as heat pumps, solar panels, double glazed windows and wall and loft insulation.
Delivered in partnership with social enterprise lender Lendology, homeowners will also receive advice when applying for the loans, to help ensure that smart investments are made that can lead to substantial savings over the long-term. According to data from the Energy Saving Trust, cavity wall insulation combined with roof and loft insulation could save a household up to £700 a year off their energy bills.
Tracy Brabin, mayor of West Yorkshire, said:
“Today, we’re kickstarting a home energy revolution – a wave of retrofits across West Yorkshire that could see households make significant savings off their energy bills.
“Doing up your home can feel daunting, but with our low-interest loans and free advice service, Home Energy West Yorkshire will make it simpler and easier for people and families to invest for the long-term.
“Working in lock-step with partners and the newly elected government, we will build a greener, more secure West Yorkshire with warmer homes and brighter communities for all.”
Miatta Fahnbulleh, parliamentary under-secretary of state at the Department for Energy Security and Net Zero, said:
“There is an urgent need to upgrade millions of British homes so we can cut bills and fuel poverty.
“This fantastic scheme reflects the mission of our Warm Homes Plan and will help the people of West Yorkshire to improve their homes and keep warm for less.”
Emma Lower, chief executive officer of Lendology, said:
“Across West Yorkshire, only 34% of homes have an Energy Performance Certificate of C or above, compared to 40% nationally. This means that homeowners are paying more for their energy bills and emitting more carbon.
“Lendology CIC is thrilled to be working alongside the Mayor of West Yorkshire to improve homes and create a cleaner environment. We understand that making energy improvements can be daunting, and we encourage everyone to speak to their local energy advice charity or network for impartial advice”.
The West Yorkshire Combined Authority will also deliver a new group-buying scheme for solar panels called Solar Together West Yorkshire.
Partnering with sustainable energy firm Solar Together, the scheme will allow neighbours to combine their purchasing power to achieve savings on the cost of solar panels and battery storage systems, by installing them all at the same time.
By making the work more cost-effective for the installer, residents can be confident that they are paying a competitive price for a quality installation and can apply for the Mayor’s low-interest loans to pay the upfront cost straightaway. Residents will also have the option to install electric vehicle (EV) charging points at their properties.
Marie-Louise Abretti, UK business manager at Solar Together, said:
“With energy prices continuing to fluctuate, residents of West Yorkshire are looking for opportunities to reduce their carbon emissions, save on energy bills, and increase their independence from the grid.
“The Solar Together group-buying scheme offers a straightforward way to make an informed decision and to access a competitive offer from a trusted, vetted provider.”
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