Octopus Energy customers can now get 'zero bills' for ten years

Greg Jackson, founder and CEO of Octopus Energy, and Zoisa Walton, director Octopus Energy Business Solutions
Greg Jackson, founder and CEO of Octopus Energy, and Zoisa Walton, director Octopus Energy Business Solutions -Credit:Reach

Octopus Energy has launched a groundbreaking 'Zero Bills' home mortgage in collaboration with Perenna, the UK's first covered bond bank. The initiative ensures that customers can move into houses equipped with green energy technologies, bosses say.

The deal allows Octopus clients to settle in properties armed with heat pumps and solar PV, without being subjected to any energy bills for at least ten years. Moreover, the 'Zero Bills Mortgage' offers a rate lower than Perenna's standard mortgages, providing a reward to customers opting for sustainable living.

Perenna aims to increase prospective homeowners' purchasing power by reducing the required deposit amount and tirelessly working to lower the obstacles faced when buying environmentally friendly homes. With a target to deliver 50,000 'Zero Bills' globally by the end of 2025, Octopus is forging ahead ambitiously.

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Michael Cottrell, the Zero Bills Homes Director at Octopus Energy, has expressed his delight with the milestone, saying: "Our 'Zero Bills' homes guarantee no energy bills for 10 years. We're 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. And we'll keep innovating and partnering with like-minded companies to further speed up the move towards affordable, cleaner living."

Arjan Verbeek, Co-founder and CEO of Perenna, said: "Decarbonising UK homes is a massive challenge and requires collaboration. We're glad to partner with Octopus Energy who want to solve structural issues and take ambitious steps to deliver them. The 'Zero Bills' initiative is a testament to how forward-thinking Octopus Energy is. We can't wait to unlock 'Zero Bills' homes for more people through our innovative mortgage offer," reports Birmingham Live.

Rachael Hunnisett, Associate Director for Built Environment at the Green Finance Institute, also commented on the collaboration: "The Green Finance Institute is proud to have enabled the Octopus and Perenna collaboration, two organisations familiar with challenging the norm in the pursuit of market-leading innovation."

She further noted the significance of the initiative: "Recognising the impact of energy costs on homeowners and reflecting this in borrowing amounts is a pioneering step forward for the mortgage industry. Collaboration and innovation ensuring that changing customer needs are at the heart of product design is the key to transitioning the UK housing stock towards net zero."

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