How Local Council Loans complement Government Energy Efficiency Grants
The UK government, along with various local councils, have introduced several initiatives and green grant schemes to support homeowners fund energy efficiency improvements to their property. These grants not only help reduce carbon footprints but could also result in long-term energy savings for homeowners.
Energy Company Obligation Scheme (ECO4)
The Energy Company Obligation scheme launched in 2013 and is designed to help low-income and vulnerable households make their homes more energy efficient.
The process operates through different energy suppliers, who are currently mandated to decrease the expenses associated with heating our homes. If your energy company is a participant in the ECO scheme, you might be eligible to receive complimentary wall and loft insulation, along with a discounted replacement gas boiler. After completing these upgrades and potentially installing a new boiler, you are likely to enjoy reduced energy costs in the future.
You can use Ofgem’s supplier contact list to check if your supplier is part of the ECO scheme.
BUS (Boiler Upgrade Scheme)
Through the Boiler Upgrade Scheme, you could get a grant to cover part of the cost of replacing fossil fuel heating systems with a heat pump or biomass boiler. If you’re eligible for this grant, you could receive subsidies of up to £5,000 for air source heat pumps, and up to £6,000 for ground source heat pumps.
The Gap in Funding: Local Council Loan Scheme
While Government grants offer some help, the reality is that some homeowners may still face financial barriers when it comes to funding their energy efficiency projects. Often, the grants may not cover the full cost of the improvements, leaving individuals seeking alternative solutions to meet the remaining expenses.
At Lendology, we offer renewable energy top-up loans that complement Government grants. These loans may help homeowners find the extra funding they need to undertake energy-efficient projects.
We recommend that you conduct an independent retrofit assessment to establish whether any works that you may be planning to adapt your property are likely to be suitable for your property and goals.
Our website provides a wealth of valuable information, featuring a loan calculator designed to assist you in determining the monthly repayment for a capital repayment loan. It’s important to note that all applicants are offered a fixed interest rate of 4% (Representative 4.2% APR), regardless of the loan amount or loan term. This unique approach ensures that you will be fully informed of the interest rate you’ll receive at the time of application, setting us apart from other lenders.
Representative Example (4% fixed interest rate, Representative 4.2% APR).
Loans are subject to status and are typically protected by a Title Restriction. Borrow £5,000 over 60 months, £92.08 monthly repayments. Total amount repayable = £5,544.96, including £20 fee for registering the Title Restriction against your property at the Land Registry. The £20.00 fee is only payable if a loan is agreed by Lendology and you decide to proceed with a loan. We do not charge interest on the fee. A Title Restriction means that you may not be able to sell your home without our permission unless the loan is fully repaid. This is a financial promotion approved by Lendology CIC. Missing payments could affect your credit rating and ability to obtain credit in the future.
This financial promotion has been approved by Lendology CIC, a community interest company limited by guarantee.