Mayor of West Yorkshire Tracy Brabin is promising to kickstart a home energy revolution with low-cost home improvement loans.

Mayor Brabin has launched a new initiative called Home Energy West Yorkshire which will offer 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.

Mayor Brabin said the loans were just the first step on the road toward a “retrofit one-stop-shop.”

 

Promised in her election manifesto, this would be a single, easy-to-use service providing support and advice to anyone seeking help with reducing their energy bills by retrofitting their homes.

Mayor Brabin 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.”

Emma Lower, CEO 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, headed up by the elected mayor, 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.

In addition to the new support for private homeowners, Mayor Brabin has reaffirmed her commitment to kickstart the retrofit of every single council and social home in the region.

During her first term, over 3,500 households benefitted from free improvements designed to cut energy use in a cost-of-living crisis.

 

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