Hometree Secures 280 million USD from Barclays for Renewable Energy Financing
Europe: Hometree, a residential energy services company, has secured a 280 million USD deal with Barclays to finance solar panels, battery storage systems, and heat pumps for homeowners through lease and loan products. These zero-deposit payment options, designed for the domestic renewable energy market, include system monitoring and repairs. Hometree claims that many homeowners will be able to "pay as they save," with forecasted energy savings exceeding monthly payments from day one.
Despite energy bills falling since their peak in 2022, they are still 59% higher than in winter 2021/22, increasing consumer interest in renewable energy systems. Over 220,000 heat pumps and solar installations occurred in UK homes in 2023, a record-breaking increase according to MCS. However, the high upfront costs of green energy solutions remain a barrier, with average installation costs of 15200 USD for solar and battery systems and up to 35200 USD for heat pumps. The new payment plans, available for up to 25 years, aim to make green energy upgrades more affordable.
Source: Yahoo Finance