Octopus Energy in collaboration with bond bank Perenna, has rolled out the ‘Zero Bills’ home mortgage. This unique financial product is tailored to make eco-friendly homes more accessible to buyers across the United Kingdom, potentially revolutionising the way we think about energy and homeownership.
The ‘Zero Bills’ mortgage enables homeowners to inhabit properties that are fully equipped with the latest green energy technologies—think heat pumps and solar photovoltaic (PV) systems. The highlight? Homeowners will not have to pay any energy bills for at least a decade. This initiative not only eases the financial burden on homeowners but also encourages the adoption of renewable energy technologies.
Lower Costs, Greener Living
Octopus Energy’s initiative has been seamlessly integrated into Perenna’s mortgage affordability calculations, which means applicants will benefit from a lower mortgage rate compared to standard offerings. This is a significant boon, as it reduces the overall cost of homeownership while promoting environmentally sustainable practices.
Making Sustainable Homes Accessible
The goal of the ‘Zero Bills’ mortgage is straightforward: make it easier for potential homeowners to purchase and live in sustainable homes. By reducing the necessary deposit and lowering the barriers to owning energy-efficient properties, Octopus Energy and Perenna are paving the way for a greener future. Already, Octopus Energy has accredited over 1,000 homes in the UK, spanning private ownership, shared ownership, affordable housing, and social rent sectors.
Global Ambitions
Looking ahead, Octopus plans to deliver 50,000 ‘Zero Bills’ homes worldwide by the end of 2025. With Perenna’s innovative mortgage offerings, it’s expected that more UK buyers will be able to invest in these green homes, furthering the reach and impact of this initiative.
Industry Leaders Speak Out
Michael Cottrell, Zero Bills Homes Director at Octopus Energy, expressed his enthusiasm for the project: “Our ‘Zero Bills’ homes guarantee no energy bills for ten years. We are delighted that Perenna is the first bank to acknowledge the value of green tech by offering a lower interest rate to ‘Zero Bills’ customers compared with their standard mortgages.”
Arjan Verbeek, Co-founder and CEO of Perenna, highlighted the broader significance of the initiative: “Decarbonising UK homes is a massive challenge and requires collaboration.” This partnership represents a significant step towards meeting the UK’s carbon reduction goals.