Octopus Energy to offer financing for heat pumps
Posted: Wednesday, July 5th, 2023
Octopus Energy and MBNA Limited, part of Lloyds Banking Group, have launched a new pilot scheme that will make it easier for people to purchase a heat pump from Octopus Energy. Octopus claims to offer the lowest price for heat pumps in the UK market, with quotes that are “90% lower than average” and as low as £3,000 after the government's Boiler Upgrade Scheme (BUS) grant. By adding MBNA's finance offering, customers can benefit from a flexible payment option that makes home decarbonisation accessible for many households. The financing option is initially available for a four-month pilot, with Octopus looking to expand consumer financing into other home decarbonisation products in the future, such as solar panels. Heat pumps are an alternative to gas boilers, providing a more sustainable way to heat homes. They are up to four times more efficient than gas boilers and can help customers reduce energy bills and gain more control over their heating via smart tariffs. Switching from a gas boiler to a heat pump on a smart tariff can save a typical UK household around £100 a year, and a further £100 if the standing charge for gas is removed. Rebecca Dibb-Simkin, chief product officer at Octopus Energy Group, commented: "Heat pumps are basically magic, turning energy from the air into heat for your home and slashing your carbon footprint at the same time. We're thrilled to team up with MBNA to make heat pumps more accessible with an affordable financing option to spread out the cost with monthly payments.”
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