NatWest is today launching a new ‘Home Energy Hub’ that will allow all UK homeowners to understand the energy efficiency of their homes. The new platform enables the UK’s 14.6m homeowners to understand the steps needed to make sustainable changes through trusted partners, as well as offering financing options from the bank, potentially helping to tackle rising energy bills.
Research from NatWest has found that 66% of UK homeowners are planning upgrades to the sustainability of their property in the next ten years, however the majority of respondents said the cost of having the work done was a specific barrier. *
The Hub helps homeowners identify and understand specific improvements that could be made to their property, and tackles some of the biggest barriers to taking the next step – finding someone trustworthy to do the work in their local area, and how to pay for it. It also includes an affordability calculator, letting homeowners get an idea of how much they could borrow and outlines for consumers the costs associated with making specific sustainable upgrades.
The NatWest Home Energy Hub helps people to:
- Understand the current energy efficiency of their property and steps they can take to improve it.
- Understand the likely costs associated with the range of retrofit options and access expertise and providers that can initiate and complete the required works.
- Understand the range of funding options (and potential long-term benefits) and how much energy they could save.
- Access a range of NatWest funding options and track progress of the works through their project.
The Home Energy Hub also makes it easy to understand any eligible government grants, and for NatWest customers there is an instant indication of how much the bank could lend them for the works.
In order to develop the Hub, NatWest has worked with British Gas as a principal partner in alongside new partners Snugg, Vibrant, TrustMark and Wickes.
The new Hub follows NatWest’s recent launch of a free retrofit learning platform for the UK’s construction industry in partnership with the Supply Chain Sustainability School. The retrofitting training programme will input skills into the supply chain and accelerate the growth of the retrofit market. NatWest is the school’s first banking partner and will promote learning with customers and the wider construction industry.
Lloyd Cochrane, Head of Mortgages at NatWest said:
“From our own research, we know there are barriers to homeowners making energy efficiency improvements to their homes – this Hub is the first step in solving that problem for homeowners by making it faster to understand, commission and pay for the work they might need.
“Relevant solutions, suppliers and funding needs to be more accessible to customers and homeowners across the UK. In order for people to realise the potential benefits and confidently undertake work to their homes, it’s incredibly important that we’re able to provide viable solutions to these property owners. Partnerships are key in helping us to do that and helping customers to get started on their home energy efficiency journey.”
Gail Parker, Low Carbon Homes Director at British Gas said:
“To help decarbonise homes in the UK, it’s important that people get accessible, clear advice and guidance on how to lower emissions and make savings on energy bills.
"Partnering with Natwest as the install partner for this Home Energy Hub, is an important step in accelerating the decarbonisation of UK homes, by making it easier for individuals to confidently understand, identify and act on the measures they can take. Each home is different, and so this will be done in a tailored way, to ensure that people are getting the right advice for them and their home.”
*Research from NatWest Greener Homes Attitude Tracker Q2 2023.
