Energy efficiency has been moving up on the government’s priority list for quite some time now and more recently, we are seeing mortgage lenders change policies in favour of more energy efficient homes. The Nationwide Building Society has just announced that it will now be offering a ‘Green Reward’ on any property with an EPC rating of A or a high B. Read more about this energy efficiency cashback incentive below.
What Is The Green Reward Scheme?
The Green Reward scheme has been set up by the Nationwide Building Society with the aim of encouraging people to buy greener homes. The cashback incentive will go to any buyer who purchases a home with the building society with an SAP rating of at least 86+ or an EPC rating of A or a high B.
Those who purchase a home with an EPC rating of A should expect to receive £500 from Nationwide. For those who purchase a home with an EPC rating of a high B, there is a £250 cashback incentive on offer.
There are a range of properties that are eligible for this kind of incentive including flats, new-builds and existing homes.
Benefit From An Energy Efficiency Cashback Incentive
In order to benefit from the energy efficiency cashback incentive, you would need to take out a mortgage either directly through the Nationwide Building Society or through a mortgage broker. After the mortgage application is in place, the society plans to review the EPC register to confirm that the Green Reward will be paid.
Clearly, this scheme is most beneficial for buyers but homeowners selling their properties should also take note. With a cash incentive on offer, buyers might be more willing to pay a higher price for a new home. So, it is in the interests of the seller, or yourself, to invest in energy efficiency and update your energy performance certificate to show the changes that you have made.
Both parties can benefit from the scheme in the long run and this shows that Nationwide Building Society has made a smart move.
Improve Your EPC Rating
If your home isn’t as efficient as it could be, your EPC rating might not be as high as buyers are looking for in order to benefit from the scheme. If you don’t know what your current EPC rating is then get in touch and we’ll help you out.
If you know that potential buyers won’t benefit from the Green Reward and you want to increase the value of your home, we recommend looking into some of our energy efficient services. Air source heat pumps are 350% more efficient than fossil fuel boilers and so this is a great place to start.
Get in touch today and a member of the CMS Surveyors team will be happy to help you out.