Personal Finance

To help you purchase energy-efficient solutions, you could consider a personal loan option.

Personal loans, also known as "unsecured" loans, offer a way to finance home improvements by spreading the cost over several months or years.

Here's what you need to know:

Benefits of a Personal Loan

Smaller Loan Amounts: Personal loans generally allow you to borrow between £1,000 and £50,000, depending on the lender, which is usually less than what's available through a secured loan.
Fixed Interest Rates: Unlike secured loans, personal loans often come with fixed interest rates, meaning your monthly payments will stay the same throughout the loan term. Repayments are typically made via Direct Debit.
No Collateral Needed: Since personal loans are unsecured, you don't need to put up your home or any other assets as collateral. This reduces the risk of losing your property if you fail to make repayments.

Considerations with a Personal Loan

Higher Interest Rates: Personal loans usually come with higher interest rates compared to secured loans, and the repayment period is often shorter, typically up to 7 years.
Impact of Credit History: Your eligibility for a personal loan and the interest rate offered will depend on your credit history. It’s a good idea to shop around, as some lenders offer better rates to long-standing customers with a good credit history.
Potential for Green Incentives: Some lenders and high street banks offer discounts or cashback deals if the loan is used for energy-efficient solutions that improve your home’s EPC rating. Energy companies like Octopus also provide financing options for customers looking to implement specific solutions.

Explore Your Options

If you’re considering a personal loan for your home energy solutions, be sure to compare offers and check if you qualify for any green incentives. For more information, visit these resources:

We are not responsible for the content or accuracy of external websites. YorEnergy are not placed to make financial recommendations and any credit check could impact credit history.

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Are there grants available?

There are a number of government grants available to help you pay for home energy solutions including insulation, heat pumps, and more. Our advisors and coordinators are here to guide you through the various grant options available. They can help you create a tailored solution to make the most of these grants. The grants can help you to improve your home's energy efficiency, reduce your carbon footprint, and lower your utility bills.

To find out more about the grants that are available now, click here.

Is it a good investment?

Yes, upgrading your home energy solutions is generally considered a good investment for several reasons. Firstly, it can lead to significant savings on energy bills, often ranging from 20% to 50%. This means lower monthly expenses and a faster return on your investment.

Additionally, it enhances the comfort and health of your home, improving air quality and temperature regulation. Many solutions, such as insulation, energy-efficient windows, and renewable energy systems like solar panels, can also increase your property’s value.

Moreover, investing in energy efficiency contributes to a more sustainable environment by reducing your carbon footprint, which is increasingly important to many homeowners. Overall, these solutions not only provide immediate financial benefits but also offers long-term value and comfort.

Even considering the cost of borrowing (interest and fees) upgrading your home solutions can provide financial benefits and is generally considered to be a good investment.

Speak to one of our advisors here today about how energy-efficient solutions for your home can benefit you.

Can I get a loan for my solution?

The availability of credit and finance options will depend on your personal situation including your existing borrowing commitments and other factors affecting the affordability of repayments. Loans are one option to consider and you can click here to find out more options that are available.

If I am on lower income what are the options for me?

Yes, absolutely, at YorEnergy we are striving to ensure that solutions are available to all. There are a number of measures that are lower cost and also a number of solutions you can install in your home for free, or using the grants that are available. When you speak with our advisor they will assess your current situation and budget for improving your home and the team will then work with you to ensure they propose solutions that work for you.

Our team have researched options which are designed to fit a range of budgets. However, you should consider carefully before taking on any form of finance or loan, in particular that the cost of repayments are affordable and any grants which might help with the costs.

Get in touch here to find out how we can help you improve your home.