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Heat pumps
A heat pump is an energy-efficient way of heating your home. Eligible Lloyds Bank customers can benefit from cashback and energy bill credit if they make the switch.
Heat pumps benefits
Source: Energy Saving Trust
We’ve teamed up with Octopus Energy
A helping hand for Lloyds Bank customers
We’ve teamed up with Octopus Energy to help cut the cost of installing a heat pump. Octopus are currently installing in England & Wales. Register for a quote today.
- £100 bill credit on your Octopus Energy account for all Lloyds Bank customers.
- £2,000 cashback if you have a Lloyds Bank mortgage and qualify for our Eco Home Reward.
- Up to £7,500 towards your heat pump installation if you qualify for a government grant.
Planning to claim your Eco Home Reward cashback?
Register or log on to your Eco Home Journey to check you’re eligible before you start any work.
Other important information
- Lloyds Bank is not responsible for the improvements carried out by your chosen supplier.
- Lloyds Bank releasing the funds to you does not guarantee the quality of the work done by the supplier and it is up to you to ensure that you are satisfied with the improvements carried out.
- Lloyds Bank cannot make any guarantee about the costs of the work required or any savings that can be made and you are responsible for making your own decision.
- You agree that Lloyds Bank may contact you with reminders about this Reward and for research purposes.
- Lloyds Bank reserve the right to change or withdraw the Reward at any time.
Is a heat pump right for my home?
This depends on a few things. Heat pumps work best in well-insulated homes, so it’s best to check this out before you start thinking about getting a heat pump. An easy way to do this is to find out your home’s Energy Performance Certificate (EPC) rating. If yours is a D or above and it says you have insulation, you should be good to go.
Most heat pumps use radiators to heat your home, just like boilers do. Sometimes, your existing radiators might be too small for a heat pump to work efficiently and will need replacing, but this isn’t always the case. A heat pump usually works well with existing underfloor heating too.
You’ll need some outside space for most heat pumps though. Around the size of a moped is usually enough for an air source heat pump. Ground source heat pumps take up more space than that, as they usually need a trench or borehole digging, plus a room inside for the operating system.
Home energy grants and schemes
Help is available if you’re planning on upgrading or replacing your heating system with a new low-carbon one. But it’s different depending on where you live in the UK.
England and Wales:
The Boiler Upgrade Scheme (BUS) offers grants of up to £7,500 to replace gas, oil, and electric boilers and heating systems with lower carbon alternatives, including heat pumps and biomass boilers. Homes must meet certain EPC standards and other conditions to qualify. In Wales, the Nest scheme helps lower income families make their homes more energy-efficient and better at saving water.
Scotland:
Home Energy Scotland offers grants worth up to £10,000 for energy-saving home improvements, like heating and insulation through the Warmer Homes Scotland programme. The scheme is funded by the Scottish Government to carry out improvements, such as wall and loft insulation, draught proofing, new boilers, and renewable energy projects with the aim of making homes warmer and cutting domestic energy bills.
About Octopus Energy
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Lloyds Bank and Octopus Energy have teamed up to make installing air source heat pumps easier and more affordable for our customers.
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All Lloyds Bank borrowing, mortgage, savings, investment, and insurance customers are eligible for the £100 bill credit on their Octopus Energy account, if they register for their heat pump installation through our website from 31 July 2024.
Provided you’re an eligible Lloyds Bank customer and an Octopus Energy customer, your account will be automatically credited within 14 days of your heat pump installation.
If you’re not an Octopus Energy customer, you’ll need to switch to them for your home energy as part of your heat pump installation to benefit from this offer. Octopus can support with you making the switch and the best tariff for your new heat pump as part of their service.
If you experience any issues with the bill credit, you’ll need to contact Octopus Energy directly.
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Octopus Energy fit air source heat pumps. Other types of heat pumps, such as ground source heat pumps, are available from different suppliers.
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You’ll be given an information pack with a phone number to call if you need to speak to Octopus Energy about your heat pump once it’s been installed.
If you use a different installer to Octopus Energy, you’ll need to get in touch with them directly.
Eco Home Saving Tool
Our Eco Home Saving Tool is great for working out where you could save money on energy bills. You can even create a personalised action plan to help reduce your carbon footprint.
Eco Home Hub
Our Eco Home Hub is packed with hints and tips to help you make your home more energy-efficient.