The big banks now reward homeowners for going solar

Several of the UK’s biggest mortgage lenders now pay cashback or offer interest-free borrowing to homeowners who install solar. Most homeowners have no idea, which makes it a powerful conversation starter.

How the main offers compare

• Halifax and Lloyds: up to £1,000 cashback for solar panels or a battery, when the customer takes out or switches a mortgage, or borrows more, and completes the improvement within a year.
• Barclays: £500 through its Greener Home Reward for solar panels or battery storage. The customer needs an MCS certificate and has three months from that date to claim.
• Nationwide: 0% Green Additional Borrowing. Existing mortgage customers can borrow £5,000 to £20,000 interest-free over two or five years for improvements such as solar panels.
• NatWest: additional borrowing for energy-saving home improvements for its mortgage customers.

Adding solar to a mortgage

Many lenders let homeowners fund improvements through additional borrowing on their mortgage, which can mean nothing to pay upfront. It’s still borrowing secured on their home, so affordability checks apply and they should speak to their lender or a mortgage adviser.