The financing option is initially available for a four-month pilot, with Octopus looking to expand consumer financing into other home decarbonisation products in the future, such as solar panels.
Switching from a gas boiler to a heat pump on a smart tariff can save a typical UK household around £100 a year and a further £100 if the standing charge for gas is removed.
Rebecca Dibb-Simkin, chief product officer at Octopus Energy Group, said: “Heat pumps are basically magic, turning energy from the air into heat for your home and slashing your carbon footprint at the same time. We’re thrilled to team up with MBNA to make heat pumps more accessible with an affordable financing option to spread out the cost with monthly payments.”
Hiral Gogoi, loans director, MBNA, said: “It’s important we make it as easy as possible for people to take the steps needed to live more sustainably, including having a warmer and more energy efficient home. We know customers are increasingly interested in loans for making ‘green’ home improvements, and our pilot with Octopus Energy will make applying for an air source heat pump loan even easier to do.”