The scheme provides government grant funding to participating lenders to reduce the cost of borrowing for home upgrades, including heat pumps and solar panels. Lenders pass the savings onto borrowers through lower interest rates, making it more affordable for homeowners.
Recent research by the Department for Energy Security and Net Zero found that 68% of homeowners saw high upfront costs as a major barrier to green home improvements, and also suggested that awareness of schemes was low.
Darvish Heshejin, managing director of home improvement lending at Tandem, said: “We’re proud to be one of the first lenders participating in the government’s Warm Homes Loan Scheme. We’ve been financing green home upgrades for years, supporting the technologies, installers and industry bodies that make them possible, and to date have funded almost £1bn of energy efficiency improvements.
“We believe the scheme will encourage more households to adopt green home technologies, and we’re excited to work with our installer partners to help more customers heat and power their homes more efficiently.”
