Help out to heat out: Octopus Energy & MBNA team up to offer financing for heat pumps

• Monthly financing offer to spread out cost of getting a heat pump
• Makes heat pumps more accessible to households wanting to switch to a greener heating system
• Customers can save up to £100 a year by switching to a heat pump and a smart tariff

London, 4th July 2023 - Octopus Energy and MBNA Limited, part of Lloyds Banking Group, have launched a new pilot scheme that will make it even easier for people to purchase a heat pump from Octopus Energy.

Octopus already offers the lowest price for heat pumps in the UK market, with quotes that are 90% lower than average and as low as £3,000 after the government's Boiler Upgrade Scheme (BUS) grant.

By adding MBNA's finance offering, customers can now benefit from a flexible payment option that makes home decarbonisation even more accessible for many households.

The financing option is initially available for a four-month pilot, with Octopus looking to expand consumer financing into other home decarbonisation products in the future, such as solar panels.

Heat pumps are an excellent alternative to gas boilers, providing a more sustainable way to heat homes. They are up to four times more efficient than gas boilers and can help customers reduce energy bills and gain more control over their heating via smart tariffs.

Switching from a gas boiler to a heat pump on a smart tariff can save a typical UK household around £100 a year, and further £100 if the standing charge for gas is removed*.

Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy Group, commented: "Heat pumps are basically magic, turning energy from the air into heat for your home and slashing your carbon footprint at the same time. We're thrilled to team up with MBNA to make heat pumps more accessible with an affordable financing option to spread out the cost with monthly payments.”

Hiral Gogoi, Loans Director, MBNA, said: “It’s important we make it as easy as possible for people to take the steps needed to live more sustainably, including having a warmer and more energy efficient home. We know customers are increasingly interested in loans for making ‘green’ home improvements, and our pilot with Octopus Energy will make applying for an air source heat pump loan even easier to do.”

-ENDS-

Notes to editors

*Octopus Energy cost analysis for heat pump vs. gas boilers accessible here

Octopus Energy Services Ltd is an appointed representative for Octopus Electric Vehicles Ltd and is a credit broker and not the lender. Octopus Energy Services Ltd is an introducer to MBNA Limited.

For personal (unsecured) loans, MBNA Limited works exclusively with Lloyds Bank plc. MBNA Limited Is a credit broker and not the lender. MBNA is a trading style of Lloyds Bank plc, Registered Office, 25 Gresham Street, London EC2V 7HN. The issue of a loan and the amount of credit or lending offered to you depends on an assessment of your personal circumstances. The interest rate offered to you will also be based on this assessment. To apply, you must be a UK resident aged 18 and over.

Media contacts

Octopus Energy Press office

press@octoenergy.com

+44 2045308369

About Octopus Energy Group

Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 14 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.

Octopus serves 5.5 million customers through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 30 million customer accounts worldwide through licensing deals with energy companies, including EDF, E.ON and Origin Energy.

Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.

For more information, check out our website.