Going Green - top lender’s bid to improve EPC ratings

Nationwide Building Society has launched a new Home Energy Efficiency Tool to coincide with the debut of new green loan products.

The tool will provide borrowers with information about the current energy use in their home, offer suggestions on how they could reduce their usage and save money on bills, and provide recommendations on energy-efficiency measures for their property.

The new tool, built with support from Energy Saving Trust, comes as the society launches its new zero per cent Green Additional Borrowing products via brokers and Nationwide’s mortgage advisers. This will enable up to 5,000 households with a Nationwide mortgage to borrow between £5,000 and £15,000 up to a maximum of 90 per cent LTV across a two or five-year product term.

Nationwide’s Green Additional Borrowing must all be used to fund non-structural, energy-efficient home improvements such as solar panels, air source heat pump, window upgrades, boiler upgrades, cavity wall insulation, loft insulation or an electric car charging point. Borrowers can use any local or national contractor or supplier for the work.

The tool will outline cost, energy or carbon savings that can be made over the long term and potential home improvements that can be made based on a customer’s individual budget. It will provide a realistic view of what is needed to improve a specific property.

To get the required level of detail, the tool will ask homeowners simple questions about their home and their energy bills and use the information provided to generate an energy profile. This will then provide a view of what actions could be taken to save money and make their home warmer and more comfortable, highlighting the potential costs and impact on the energy efficiency of the property and its EPC rating.       

Henry Jordan, director of home at Nationwide Building Society, says: “Our research tells us that people want to make green home improvements to lower their energy bills and make their property more energy efficient. But they need support. That is why we’re launch launching both this new home energy efficiency tool and our zero per cent Green Additional Borrowing.

“With the UK striving to reach net zero by 2050, the time to act to make our homes more energy efficient is now. We know we have a limited ability to reduce the emissions on the properties we lend on, but we stand ready to support and work with others, in the spirit of mutuality, to help ensure that no household is left behind. By providing both the information and the finance, we’re giving our customers every opportunity to take steps to improve the energy efficiency of their homes and make them warmer and more comfortable.”

And Inga Jirgensone from the Energy Saving Trust adds: “If we are to reach net zero targets, homeowners will need to be supported and encouraged to invest in low carbon home improvements. This is a key part of Energy Saving Trust’s mission and we’re pleased to be working with Nationwide to provide a digital energy advice tool for their customers, to help them save energy and money.”