With energy costs on the rise, it’s no wonder more of us are thinking about ways to make our homes more cost-effective. Who doesn’t want a home that’s more efficient to run, while also benefiting the environment?
To help make that dream a reality, Oracle has introduced two new initiatives: the Eco Mortgage and the Home Booster Loan. Whether you’re planning to spruce up an older property or invest in a greener, more efficient home, these options could make it easier, and more affordable, than ever.
The Home Booster Loan: Cash Back for Going Green
Think of the Home Booster Loan as a little push to help you make those eco-friendly upgrades you’ve been putting off. Maybe you’ve been eyeing solar panels, or you’re finally ready to sort out the dodgy insulation that’s not really doing its job. With this loan, you can borrow extra funds on your mortgage to pay for improvements and then claim cashback once the work’s done.
What’s more, you don’t even need to be an existing Oracle customer to apply. First-time buyers, movers, and those remortgaging from another lender can also take advantage of this scheme.
How does it work?
If you take out a further advance on your mortgage for eligible home improvements, you can claim up to 5% of the cost (up to £1,000) back in cash.
For example, if you spend £10,000 on upgrades, you could get £500 cashback – better than a kick in the teeth!
What counts as an eligible improvement?
The improvements made have to be ones which benefit the overall energy-efficiency of your home. So not all home improvements are created equal – at least not for this loan. Some examples of eligible projects include:
- Installing energy-efficient heating systems, like air or ground source heat pumps.
- Adding solar panels (with all the extras like battery and heating components).
- Upgrading to double or triple-glazing windows.
- Insulating roofs, walls, and floors.
Once your project is complete, simply submit your invoices as proof of the work, and claim your cashback. This ensures that the cashback goes toward real, impactful improvements which are approved by the programme.
Eco Mortgage: Rewarding Energy-Smart Homes
If your home is already energy-efficient, or if you’re planning upgrades to boost its performance, the Eco Mortgage may be right for you. Not only does this mean cheaper mortgage repayments, but it’s also a great incentive to live in a property that’s more efficient to run; a house that keeps the heat in, costs less to power, and does its bit for the environment!
How does it work?
To qualify, your home needs an Energy Performance Certificate (EPC) rating of A or B.
Bear in mind, though, that this offer is only for owner-occupied homes, so it won’t be available to you if you’re looking for a buy-to-let. In addition, if you move to a less eco-friendly property, you’ll lose the Eco Mortgage benefits once your fixed-rate deal ends.
What’s in an EPC?
An EPC is a certificate of your home’s energy efficiency rating, which is valid for 10 years. It estimates your energy costs (heating, lighting and hot water), suggests ideas for making your home more energy-efficient, and provides details on your property’s carbon emissions and heat demand.
Depending on where you live, EPC rules can vary:
- In Guernsey, EPCs are not actually required, but assessments are available from local providers.
- In Jersey, EPCs (called Home Energy Audits) aren’t mandatory yet, but they will be by 2026.
- In the Isle of Man, EPCs are in use, and new builds need a rating of A or B.
Eco Home Tool: Your Personalised Energy-Saving Assistant
Have you ever wondered how energy-efficient your home really is – or if you could potentially save money in the long-run with a few upgrades? Enter the Eco Home Tool, a new partnership between Oracle and the Energy Saving Trust (EST), an independent organisation that helps customers reduce their energy consumption and tackle climate change. This upcoming tool is like having a personal energy-sustainability consultant at your fingertips.
What can it do?
After you input details about your home, the tool provides:
- Estimated energy bills before and after potential improvements.
- Your current and projected EPC ratings.
- Potential savings and reduced CO2 emissions if you go ahead with the upgrades.
It’s like a cheat sheet for making your home smarter, greener, and cheaper to run.
In Summary
Let’s face it, even if they do eventually pay for themselves, making energy-efficient upgrades to your property can be expensive. But Oracle’s new programmes take some of the sting out of going green by offering real financial incentives.
Providing cashback on eligible home upgrades (Home Booster Loan), lower interest rates for energy-efficient homes (Eco Mortgage) and tools and support to plan and optimise your home improvements, it couldn’t be easier to embrace sustainable living. And by investing in a greener home, you’re not just contributing to a better future for the planet, you’re also saving money to tackle those rising energy bills!
Are you ready to take the next step? Explore your options today and make your home work smarter, not harder, for you and the planet.
