HeatRHight

HeatRHIght, a renewables funding scheme for the social housing sector

As an investor, housebuilder and long-term owner, we’re actively addressing the challenge of reducing emissions from the built environment and supporting the low-carbon transition through clean energy investments. Today, over 23m homes in the UK use carbon-intensive gas as their heating fuel; 2m homes use electricity to heat their homes; and the remaining 2m use heating oil or other fossil fuel systems. In its ‘Ten Point Plan’, the UK government set a target to install 600,000 heat pumps every year by 2028, as part of a bid to ensure homes are greener, warmer and more energy efficient.

Solution

We provided debt finance to HeatRHIght, a renewables funding scheme that supports the delivery of air-source heat-pump technology to the social housing sector. This long-term financing will accelerate HeatRHIght’s delivery of low-carbon heating to housing associations across the UK, reinforcing our commitment to ESG and decarbonisation.

Impact

With this long-term financing in HeatRHIght, Legal & General has invested in two of the most efficient forms of heating technology using electricity. This presents an immediate opportunity to enable positive change, reducing running costs as well as carbon emissions.