Home improvements can cut energy bills and carbon emissions
Published: 19 May 2023
Homeowners in Exeter are being reminded that they can apply for low-cost loans to help fund home improvements which could cut both their energy bills and carbon emissions.
The social enterprise Lendology has been working with the City Council since 2005, and has made a total of £1,335,818 worth of loans in that time.
These have helped residents to install solar panels or air source heat pumps, improve their insulation, replace old boilers along with other environmental measures.
Residents can apply for loans of up to £25,000, with a representative APR of 4.2%.
They are available to help people in a range of financial circumstances, including those who may struggle to get credit elsewhere (loans are subject to status).
In 2021/22, Lendology customers had an average median household income of £20,180, 46% were in receipt of benefits, and 29% either did not know their credit rating, or described their credit rating as ‘fair’, ‘poor’ or ‘very poor’.
Cllr Martin Pearce, Lead Councillor for Communities and Homeless Prevention, said: "Helping our residents to access finance to complete those much-needed home improvements, repairs and energy efficiency upgrades is so important.
"Enabling the people of Exeter to live in safe and efficient homes as well as helping to reduce carbon emissions are among some of the Council’s top priorities."
Emma Lower, Chief Executive of Lendology, said: “Exeter City Council is at the vanguard of a movement to help people tackle energy bills and climate change, or make essential home improvements such as funding roof repairs or other critical building issues.
"Many people may find their access to credit limited. Our people make decisions for people, meaning we take the time to understand everyone’s unique financial circumstances."
Lendology offer flexible and individually tailored solutions to help finance works that may seem challenging to access in the current financial climate.
Somerset-based Lendology has partnerships with 15 councils in the West and South West of England. It is planning to build on its regional success by working with more local authorities across the UK.