Are you looking to cut your energy bills and lower your carbon footprint? Renewable energy systems can help homeowners do both. Here are five options to help you save at home, plus how Lendology could support your upgrade with a Renewable Energy Loan.
Cut electricity costs with solar panels
By harnessing the sun’s energy, solar panels help to reduce the cost of electricity in your home. Even on cloudy days, they continue to generate electricity, so they work year-round.
According to the Energy Saving Trust, a typical home with a 4.5 kilowatt-peak solar system could save between £190 and £310 a year, based on current Energy Price Cap rates.
Lendology could help you finance solar panels with no upfront cost through our council-funded loan scheme.
Reduce water heating bills with solar thermal systems
Solar panels and solar thermal systems are similar because they both use the sun’s energy, but they serve different purposes. Solar thermal systems help heat water in your home for baths, showers, and sinks. Hot water accounts for roughly 11% of the average energy bill, which means there is significant room for saving on your bills.
In the summer months, solar thermal systems can provide up to 90% of your hot water requirements, and roughly 25% in the winter. If you have a large family or a water-intensive household, solar thermal systems offer a great opportunity to cut costs when it comes to heating water.
Save energy with ground and air source heat pumps
Heat pumps don’t generate heat – they transfer it from the air or ground into your home. This technology makes them three to four times more efficient per unit of electricity they use, compared to traditional heating systems.
- Air source heat pumps absorb heat from outside air
- Ground source heat pumps draw heat from the earth
The average annual savings for air source heat pumps compared to an old gas boiler is £290 and £650 a year compared to an old LPG boiler. While heat pumps can have a higher upfront cost, there are a variety of schemes available to help homeowners fund the upgrade. Our Renewable Energy Loans at Lendology may be used to top-up grant funding to help spread out the initial costs.
Consider a biomass heating system
Biomass heating systems burn organic materials like wood pellets to generate heat for space and water heating. The two main types of biomass heating include biomass stoves and biomass boilers, which provide a lower-carbon option than traditional fossil fuels. While savings with biomass boilers vary, they remain a useful alternative for homes that don’t have access to affordable or reliable fuel sources.
Fund your upgrade with Lendology’s Renewable Energy Loan
We understand that the upfront cost of renewable energy systems can be a barrier. That’s why we offer Renewable Energy Loans, funded by local councils, to help homeowners make the switch.
Whether you’re topping up a grant or funding the full cost, our loans could help you spread the investment and start saving on your energy bills sooner.
Representative Example (4% fixed interest rate, Representative 4.2% APR).
Borrow £5,000 over 60 months, £92.08 monthly repayments. Total amount repayable = £5,544.96, including £20 fee for registering the Title Restriction against your property at the Land Registry. The £20.00 fee is only payable if a loan is agreed by Lendology and you decide to proceed with a loan. We do not charge interest on the fee. A Title Restriction means that you may not be able to sell your home without our permission unless the loan is fully repaid. This is a financial promotion approved by Lendology CIC. Missing payments could affect your credit rating and ability to obtain credit in the future.
Loans are subject to status and are typically protected by a Title Restriction.
We recommend that you carry out an independent retrofit assessment to find out which works are suitable for your home and budget.
