Octopus Energy has introduced a cashback scheme offering up to £2,000 for customers of Lloyds Bank and Halifax who install a heat pump in their homes. This initiative is designed to make energy-efficient upgrades more accessible, helping homeowners reduce their carbon footprint while also cutting long-term energy costs.
As the UK moves towards greener energy solutions, heat pumps are being promoted as an alternative to gas boilers. However, the high upfront costs remain a key barrier for many households. This new offer aims to ease the financial burden, making it easier for homeowners to invest in sustainable heating technology.
How the Cashback Scheme Works
To encourage more homeowners to switch to low-carbon heating, Octopus Energy has partnered with Lloyds Bank and Halifax to offer financial incentives.
The supplier explains: “If you’ve been thinking about getting solar panels or a heat pump to upgrade your home and cut your energy bills, but not sure if you can afford it, we’re here to help.
“We offer a range of monthly finance offers in order to help spread the cost of a heat pump, solar and battery, including 0% finance on solar.”
For eligible Lloyds and Halifax customers, the offer includes:
- £2,000 cashback, paid within 30 days of installation.
- An additional £100 in energy credit on their Octopus Energy account.
The supplier adds: “For example, if you’re a Lloyds Bank or Halifax customer (with a Lloyds loan, mortgage, savings, investment or insurance product) and get a heat pump installed with Octopus, you’ll be eligible for £2,000 cashback within 30 days of installation and £100 energy credit.”
This cashback is on top of the UK government’s Boiler Upgrade Scheme, which provides £7,500 towards the cost of a heat pump—bringing the overall cost closer to that of a traditional gas boiler.
Why Consider a Heat Pump?
Heat pumps are being promoted as the future of home heating, thanks to their energy efficiency and environmental benefits. Unlike gas boilers, which typically run at around 85% efficiency, heat pumps can achieve efficiency levels of up to 310%, meaning they generate more heat than the electricity they consume.
In addition to their lower carbon footprint, heat pumps also last longer than traditional boilers. While the average lifespan of a gas boiler is around 15 years, a heat pump can last up to 20 years with proper maintenance.
Although the installation costs remain high, incentives like cashback offers, government grants, and 0% financing options make them a more affordable and attractive investment for homeowners looking to reduce energy bills in the long run.
