Q&A – The Renewable Heat Finance Company

The Renewable Heat Finance Company can pay for up to 80% of your clients’ costs for a Heat Pump Installation, overcoming one of the biggest barriers to sale. Fancy working with them? You can.

REI spoke with the founders, Richard Smith & Bobby Worcester, to find out a little more about what they offer…

What do you do?

“We provide upfront funding in exchange for the homeowner signing over the RHI payments. It’s the perfect option for individuals who, for whatever reason, do not want to stump up the upfront cost of a heat pump installation.”

Bobby Worcester

How does it work?

“The funding is provided to households on the basis of them transferring the seven years of RHI payment to us under the Government approved agreement called the Assignment of Rights. Customers come to us directly and we help them identify an installer who can work in their area or, equally, we get installers coming to us with customers they’ve found who are uncomfortable funding the whole amount upfront. This funding can also be used in conjunction with the Green Homes Grant which can help homeowners get even more help to pay for their heat pump and insulation work.”

Where are you based and where do you cover?

“We’re based in London, but we serve the whole of the British Isles, excluding Northern Ireland, and have installers across the UK.”

What’s the benefit for an installer looking to join your network?

“Chiefly, we increase the reach for installers. They get access to additional customers who wouldn’t ordinarily be able to afford an installation.”

How can installers sign up?

“Any way that’s easiest! You can fill in the form on our website, email richard@renewableheatfinance.co.uk or call 020 3151 3192.”

Richard Smith

Can anyone sign up and get approved?

“So long as you’re MCS accredited and have a good track record with customers.”

Is there any training provided?

“We have a customer brochure, presentation decks and are always on hand to chat. The calculations we’ve created are super simple so you can quote and sell to customers with confidence.”

Recent legislation and government commitments have worked in your favour. Has this changed or emboldened your outlook?

“Definitely. The big issue with heat pumps is that a lot of people don’t really know what they are. A sales conversation where the first thing you talk about is ‘what is a heat pump?’ does extend the sales process somewhat. So, the more people there are talking about this technology the better.”

The RHI is set to end 31 March 2022. What are your plans from this point onwards?

“It’s still uncertain what’s going to happen after March 2022. From our perspective we’d much prefer the Domestic RHI to continue but we recognise the government may change things, much as they did with the solar industry. We will evolve as the government funding mechanism changes.”

Anything to add?

“There has never been a better time for homeowners to get this type of installation carried out, as they are currently able to utilise our funding in exchange for RHI payments in conjunction with the £5,000 funding from the Green Homes Grant. So, keep us in mind and sign up! As an installer, there are no downsides.”

 

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