Lloyds Banking Group (LBG) was awarded funding by the Green Home Finance Innovation Fund, an initiative by the Department for Business and Industrial Strategy (BEIS) to promote the establishment of green lending products for retrofit green home improvements. By developing this proposition, creating tools and resources, Lloyds Banking Group (LBG) would be able to educate and incentivise their customers to start making energy efficient home improvements as part of the UK’s green recovery.
New research by Lloyds Banking Group (LBG) revealed that, with the sudden changes in lifestyle due to the Coronavirus lockdown, a lot of people weren’t sure where to start when it came to home energy efficiency. Results also indicated that almost a third of the UK workforce were looking to work from home post lockdown, therefore using more domestic energy at home. By creating a new retrofit homes sustainability proposition, they could make a commitment to support customers and homeowners by educating them about home energy use, their property Energy Performance Certificate (EPC) rating, reducing energy costs and lowering carbon outputs.
Lloyds Banking Group (LBG) didn’t have verified expertise in domestic energy efficiency, so they partnered with Energy Saving Trust who have over 25 years of experience in the energy sector and expertise communicating behavioural changes to domestic energy consumers.