British Gas has partnered with the high street bank as it launched a new ‘Home Energy Hub’ that will allow all UK homeowners to make sustainable changes to their homes.
The Energy Price Cap, which controls what most households pay for energy, fell by seven percent on average from October 1, 2023, to £1,834 a year.
Despite the fall in average bills, many households will pay more this winter and for millions of homeowners, energy management is increasingly at the top-of-mind.
The high street bank said that the platform would allow the UK’s 14.6 million homeowners to see the financing options that may be available including bank or government grants to help improve their homes.
NatWest has launched the hub to help homeowners understand the individual benefits of modernising their homes and address the biggest challenges they face when taking the first steps.
Energy Performance Certificates give a property an energy efficiency rating from A (most efficient) to G (least efficient) and is valid for 10 years. The higher the rating, the less it costs to heat and power the property.
Customers will be able to use an affordability calculator showing an indication of how much they could borrow, different costs and requirements for varying retrofit options, the range of funding options available and the ability to track progress of work.
Research from NatWest has found that 66 percent of UK homeowners are planning upgrades to the sustainability of their property in the next ten years, however the majority of respondents stated the cost of having the work done was a specific barrier.
The new platform helps identify and understand specific improvements that could be made to a homeowner’s house or flat, and then helps guide and support them in finding the right installers while navigating financing options.
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.”
The Home Energy Hub is a digital first service that connects customers to a wide ecosystem of preferred partners and enables them to;
- Understand the current energy efficiency of their property and steps they can take to improve their home
- Understand the likely costs associated with the range of home upgrade options and access expertise and providers that can initiate and complete the required works
- Understand the range of funding options (and likely long-term benefits) and potential energy savings
- Access a range of NatWest funding options and track progress of the works through their project
In order to develop the Hub, NatWest has worked with British Gas as a principal partner alongside new partners Snugg, Vibrant, TrustMark and Wickes.
Gail Parker, low carbon homes director at British Gas, added: “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.”