Horizon Energy Ventures, the energy asset finance specialist, announces today that it is working together with E.ON and Clean Air Ventures, to help domestic customers access finance to purchase an air source heat pump for their home.
Horizon Energy Ventures is providing the finance for this, which is currently only available for people living in Warwickshire and Northumberland.
E.ON is promoting the opportunity for people in this area and will install the heat pumps for those who take up the finance. Clean Air Ventures are managing the Assignment of Rights process as an OFGEM accredited investor.
The financing is made possible through the Assignment of Rights process as part of UK Government’s Domestic Renewable Heat Incentive (DRHI) scheme. This allows home owners to access finance to help overcome the significant upfront costs of a renewable heating system, such as an air source heat pump. In return, the customer assigns the rights to the DRHI payments for the seven-year term of the scheme to the finance company, in order to cover the investment cost.
The regional focus of the offer will ensure the required installation programme for all customers taking up the offer will be completed before the closure of the DRHI scheme at the end of March 2022.
Daniel Reilly, Business Development Director for Horizon Energy Ventures said,
“This is an exciting time for Horizon Energy Ventures as we work with our range of partners to introduce more and more energy related asset finance options for customers that will help drive the transition to Net Zero.
“It is great to be playing a key part with E.ON and Clean Air Ventures in helping customers take advantage of the Domestic Renewable Heat Incentive whilst it’s still available to home owners.
“Air source heat pumps are an exciting technology that will be a vital component to decarbonising home heating, so the more we can do to support and encourage a fast take up, the better.”
Nigel Dewbery, Director of Residential Solutions at E.ON, said: “Air source heat pumps are a great, energy efficient solution for home heating, but we know that installing an air source heat pump can mean a significant upfront investment for homeowners.
“We’re really pleased to be working with Horizon Energy Ventures and Clean Air Ventures to be able to offer people across Warwickshire and Northumberland the opportunity to access finance to help them afford the upfront costs of installing a heat pump in their homes, helping to improve the energy efficiency of homes across these counties. Together we can help the UK achieve its carbon reduction targets.”
Simon Roberts, Founder of Clean Air Ventures added,
“Air Source Heat Pumps offer a fantastic opportunity for consumers to switch to sustainable heating and for the UK to catch up with the rest of Europe in the mass utilisation of Heat Pumps for domestic heating. This innovating funding solution we have developed alongside Horizon & E.ON means we can support as many consumers as possible in making the switch to renewable heat, whilst removing one of the common barriers, the capital cost.”
About Horizon Energy Ventures
Horizon Energy Ventures specialises in asset finance in the new energy world – looking at investment in energy systems that enable domestic and commercial customers to transition to Net Zero.
The company has been set up alongside its well-established sister company, Horizon Energy Infrastructure, which specialises in smart meter financing provision, with over £500m in assets already under management.
Horizon Energy Ventures and Horizon Energy Infrastructure are wholly owned subsidiaries of Arcus Infrastructure LLP, an independent fund management company that has invested over €6.0 billion of equity capital within the telecoms, transport and energy sectors.
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