Home Energy Efficiency Loan (HEEL)

Description

The London Borough of Merton (“the Council”) is inviting tenders to an FCA registered loan administrator to operate a revolving fund at a competitive interest rate for the residents of Merton Borough in Southwest London. Lot 1: The aim of this contract is for a Financial Conduct Authority registered loan administrator to manage all aspects of a loan fund for a period of 25 years. This is on behalf of the London Borough of Merton, who are based in the Southwest of London (including the areas of Mitcham, Wimbledon and Morden). The loan is to assist domestic property owners with the costs of completing retrofit works relating to energy efficiency and decarbonising homes in the borough. The London Borough of Merton has 86,000 homes and they contribute 44% to the local carbon footprint. In order to meet the boroughs 2050 Net Zero target, underpinned by the 2019 Climate Emergency Declaration and approval of the Climate Strategy and Action Plan the following year, these homes will need to be retrofitted to an average EPC rating of B (currently D). The loan will be aimed at private homeowners (there are 71,000 privately owned homes, 15,000 are owned by Social Housing Providers). The loan broker is required to carry out all the processes related to administering the loan and keep in close contact with the Councils contract manager for monitoring and evaluation of this scheme.