This is open to landlords whose properties have an energy performance certificate (EPC) rating of A to C.
Cashback of up to 0.5 per cent of the loan value will be offered to those with an A-rated property, 0.4 per cent for a property rated B and 0.2 per cent for a property rated C.
Gary Wilkinson, CEO and co-founder of Redwood Bank, said: “Although the government’s plans to impose minimum EPC standards have been halted, there is growing pressure on landlords to make their properties more energy efficient. We want to be able to reward those customers who have attained the highest standards.”
Last month, the Prime Minister announced that homeowners and landlords would no longer be mandated to improve the EPC rating of their homes. It was slated that from 2025, landlords would have to raise the EPC rating for new tenancies to a minimum of C.
Wilkinson added: “The cashback will provide those landlords, looking for a new loan, who are energy-conscious, but are not yet at the most energy efficient level, an incentive to attain an improved EPC rating. We want to support those customers who have completed energy efficiency improvements and have the highest ratings of A to C.
“We feel that in the current economic climate, receiving a cash lump sum would enable customers to be able to put this to immediate use as they see fit for their business. In some cases, the reward may aid customers looking to improve the EPC ratings of other properties in their possession.
“We have always supported SMEs and this is just another way we can help alleviate some of the pressures businesses are currently facing.”
