Snugg, the home energy efficiency platform dedicated to making sustainable homes accessible to everyone, has announced the beta launch of Carbon Cashback - a groundbreaking new platform that enables UK homeowners to earn annual payments for reducing their home’s carbon emissions.
As the first solution to leverage smart meter data to launch in the UK, Snugg’s Carbon Cashback is set to dramatically shift consumer behaviour towards adopting energy efficiency improvements.
At a time when the Scottish Heat in Buildings Bill is under threat because it would ‘make people poorer’, Carbon Cashback offers homeowners a significant additional cash benefit from greening their home.
Snugg’s platform, which has been developed as part of the Government’s DESNZ ‘Green Home Finance Accelerator’ programme, is the first solution that can track and validate carbon savings from UK homes through smart meter integration. It converts these savings into carbon credits to then be sold through the Voluntary Carbon Market.
Homeowners who make energy efficiency improvements, such as installing heat pumps, solar panels or insulation, are expected to earn up to £2000 in total over a ten-year period. Payments are based on verified carbon reductions, using direct smart meter integrations and an approved Verra methodology.
Businesses that partner with Snugg will be able to offer their customers a unique sustainability-focused proposition that both encourages and rewards carbon emissions reduction. At the same time, businesses will gain valuable energy consumption and emissions reduction insights that can help quantify and accelerate progress towards reducing Scope 3 emissions.
George Wilson, Carbon Markets Lead at Snugg says: “Carbon Cashback represents an important step forward in incentivising home energy efficiency improvements by tackling the biggest barrier homeowners face - cost. By offering financial incentives, we believe this innovative approach will result in many more homeowners upgrading their homes. For businesses, it’s an opportunity to differentiate their offering while supporting customers on their sustainability journey and use valuable data insights to help meet their net zero objectives. And for the first time, homeowners can easily participate in and benefit from the Voluntary Carbon Market.”
Carbon Cashback is launching in beta to select partners, with a wider launch planned for later this year. Snugg is looking to partner with more early adopter businesses in anticipation of a wider launch later in 2025. Interested businesses should contact Snugg at snugg.com/carbon-cashback.
Snugg’s Carbon Cashback platform supports the UK’s net zero goals by helping to fund the estimated £250 billion investment needed to decarbonise the nation’s homes. The Voluntary Carbon Market is expected to contribute 5-10% of the total capital cost required for residential decarbonisation.