Suffolk County Council (SCC) announces it will offer interest-free loans to help make residents’ homes warmer, safer and cheaper to run. Energy efficiency upgrades such as insulation, solar panels, batteries, glazing, or heat pumps will all be possible with loans of up to £15,000 to be repaid over a maximum of 7 years at 0% interest.
The £3 million project will be open to homeowners across Suffolk from November 24 and householders can register their interest now at Lendology.
In support of the scheme, SCC states that “making homes more energy-efficient helps retain their heat and use less energy, meaning homeowners can save on their energy bills and reduce their carbon emissions. A warm home also has a positive impact on health and well-being. This loan scheme will help hundreds of Suffolk residents to make their homes more energy efficient. It will put money back in their pockets, by saving on their energy bills. We all have a responsibility to ensure homes can cope with the changes in climate, keeping people cooler in summer and warmer in winter, and ultimately reducing our carbon emissions. This loan scheme is one way we’re helping people to do that – and at the same time, they are benefitting from improvements to their homes. One of the other highlights is that more than the initial £3 million will be generated for loans – when people make their repayments, the money goes back into the pot and is available for someone else. We hope it will be accessible for many years. Money for the loans comes from £3 million of funding received as part of the council’s negotiations with the previous government to secure a County Deal. It was allocated from the Department for Levelling Up, Housing and Communities to support an energy efficiency and energy generation 0% loan fund for people that cannot access grants currently available to low-income households. SCC is partnering with Lendology CIC to deliver the interest-free loan scheme. Lendology CIC is an experienced Social Enterprise Lender, managing similar schemes with councils across the country”.
For more information and to register your interest in an interest-free loan, visit Lendology’s website.