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£175 million Greener Homes Alliance launched
Octopus Real Estate has partnered with Homes England to create the Greener Homes Alliance, which will commit £175 million to provide both loan finance and expert support to SME housebuilders, enabling them to build more high quality, energy efficient homes.
As part of its broader efforts to expand the supply of finance available to SMEs, Homes England will provide £46 million of the £175 million.
The Alliance will provide loans of between £1 million and £20 million to finance new SME development projects. Homes funded must achieve a minimum Energy Performance Certificate (EPC) rating of B, and will benefit from increasing interest rate margin discounts as the energy efficiency of the homes increases above this (as measured using the Standard Assessment Procedure (SAP)). Homes achieving an EPC rating of A will benefit from interest rate margin discounts of 2%.
Before starting their developments, SMEs will also benefit from free of charge, expert advice from sustainability consultants McBains and Octopus Energy – the United Kingdom’s leading 100% renewable energy supplier and part of the Octopus Group.
McBains will provide design guidance and practical steps to achieve an improved EPC.
Octopus Real Estate offers flexibility and efficiency in its funding to developers, and this will remain a key element of the Greener Homes Alliance. Loans will be up to a maximum of 85% LTC or 70% LTGDV, to maximum loan sizes of £20 million.
The Alliance will support the construction of up to 750 new homes whilst also equipping SME housebuilders with knowledge and expertise around low carbon construction, allowing them to build to higher environmental standards, now and in the future.
Housing Minister RT Hon Christopher Pincher MP said: “We are determined to ensure that our homes are fit for the future and improving energy efficiency is a key part of our ambitions to reach net zero emissions by 2050.
“Our Future Homes Standard will ensure that from 2025 new homes produce at least 75% lower CO2 emissions and be future-proofed with low carbon heating.
“This partnership will help reach our targets for cleaner, greener homes for future generations.”
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