The partnership aims to encourage investment in sustainable energy solutions, such as heat pumps and solar panels, by offering financial incentives.
Santander UK customers who take out a loan to finance renewable energy projects will receive a cashback of £500. Additionally, ScottishPower will provide a £500 credit to customers' energy accounts when they purchase and install solar panels through ScottishPower.
This combined incentive of £1,000 for solar panel investments helps offset the initial costs of these energy-efficient technologies, making them more attractive to homeowners across the UK.
The partnership aligns with the goal of reducing carbon footprints and lowering energy bills in the long term.
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Andrew Ward, Chief Executive of ScottishPower's Customer Business, said: "We know that a large proportion of the UK's carbon emissions comes from domestic housing, and that measures like heat pumps and solar panels are the solution. Not only will they support the move to a net zero country, but they also have the added benefit of reducing customers energy bills and protecting households from volatile gas prices.
"The people of the UK need banks like Santander to offer more affordable and innovative finance solutions to help the energy transition. Many homes don't have the savings to invest and so making it easier for households has to be the priority of energy companies, banks and government."
Michael Taylor, Head of Green Finance, Homes, Santander UK said: "We know that many homeowners want to take steps towards improving their property's energy efficiency, but our research showed that more than half don't know where to find trusted information, suppliers and installers. Our partnership with Scottish Power will help customers overcome these hurdles, as well as giving them money back in their pocket to help reduce the cost of upgrading their home.
"Alongside existing measures, such as a free EPC assessment available on our website (opens in a new window) and discounted mortgage rates for EPC A and B rated properties, we're ready to support homeowners, whatever stage of the energy efficiency journey they're at."
