In a UK first, five credit unions that are members of the Soundpound Group \u2013 a co-operative of 14 credit unions in Greater Manchester \u2013 are now offering unsecured green home loans aligned with the Green Home Finance Principles (GHFPs). <\/p>\n
The framework recognises the use of finance to support home electrification and energy efficiency, while promoting transparency and integrity in the market.<\/p>\n
Announced today with support from Andy Burnham, mayor of the Greater Manchester Combined Authority (GMCA), the launch marks a major step towards making green home upgrades more accessible through trusted, community-based finance. With backing from the Green Finance Institute (GFI) and the Soundpound Group, the move makes Greater Manchester the first UK city region where residents in nearly every borough can access GHFP-aligned credit union finance.<\/p>\n
\u201cThe Soundpound and their members will be playing an important role in modernising our built environment to support the local economy while cutting energy bills,\u201d said Andy Burnham, mayor of the GMCA. \u201cAs part of our mission to become carbon neutral by 2038, we\u2019re investing in cleaner, warmer and healthier buildings, modernising homes, public spaces, and workplaces while creating thousands of new green jobs across Greater Manchester. By aligning with the Green Home Finance Principles, co-developed by the GFI and LMA, our credit unions are creating a greenprint, leading the way and fulfilling a critical function in making greener homes a reality for more people.\u201d<\/p>\n
Unsecured green home loans are a form of consumer finance aimed at helping homeowners fund energy efficiency upgrades such as insulation, solar panels or heat pumps. Offered by lenders of all sizes, the loans typically range from \u00a3500 to \u00a315,000 and are repaid over a shorter term \u2013 usually around 5 years \u2013 reducing the total cost of finance compared to mortgage options.<\/p>\n
South Manchester Credit Union was the first to launch a GHFP-aligned product with its Green Loan. It has now been joined by Metro Moneywise, Salford Credit Union, Manchester Credit Union and No1 CopperPot. These institutions are working alongside local retrofit co-operative People Powered Retrofit, with more members of the Soundpound group preparing to follow suit.<\/p>\n
\u201cAs more Soundpound group members offer unsecured green home loans aligned with the Green Home Finance Principles, we are building the kind of local coverage that makes fair, affordable retrofit finance truly accessible,\u201d said Ciara Davies, chief executive of Metro Moneywise and executive lead of the Soundpound. \u201cWith the support of the GFI\u2019s Green Home Finance Principles, Soundpound members are helping to set a transparent, integrity-driven example for the market. This is about offering people in the GMCA community-level support, helping them modernise their own homes, on their own terms.\u201d<\/p>\n
\u201cGMCA\u2019s credit unions are community-rooted, values-driven, and trusted by the people they serve,\u201d added Rhian-Mari Thomas, chief executive officer at the GFI. \u201cCredit unions are uniquely placed to innovate faster than other lenders, which makes them the perfect first-mover for GHFP-aligned unsecured green loans. GMCA\u2019s local leadership should inspire other regions to harness the power of community to mobilise capital into homes to finance a healthier, affordable and resilient built environment.\u201d<\/p>\n
Launched in 2020 by the Green Finance Institute, the GHFPs offer a consistent, transparent framework for how lenders allocate finance for home retrofit projects. Developed with the Loan Market Association, the principles are part of the Institute\u2019s broader mission to accelerate capital into the decarbonisation of the UK\u2019s built environment.<\/p>\n","protected":false},"excerpt":{"rendered":"In a UK first, five credit unions that are members of the Soundpound Group \u2013 a co-operative of…\n","protected":false},"author":2,"featured_media":156857,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8813],"tags":[748,38536,66552,393,4884,5429,66553,2465,66554,66555,66556,66557,66558,66559,16,15,66560],"class_list":{"0":"post-156856","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manchester","8":"tag-britain","9":"tag-credit-unions","10":"tag-energy-efficency","11":"tag-england","12":"tag-great-britain","13":"tag-green-finance","14":"tag-green-home-finance-principles","15":"tag-manchester","16":"tag-manchester-credit-union","17":"tag-metro-moneywise","18":"tag-no1-copperpot","19":"tag-salford-credit-union","20":"tag-soundpound-group","21":"tag-south-manchester-credit-union","22":"tag-uk","23":"tag-united-kingdom","24":"tag-unsecured-loans"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114623829502955623","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/156856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=156856"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/156856\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/156857"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=156856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=156856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=156856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}