News story published on 03 December 2013
At a time when households all over the UK are under increasing pressure from the higher cost of living including rising energy bills, more than 2,600 tenants of Cross Keys Homes, Peterborough's largest housing association, could benefit from cheaper energy bills as a new deal to install free solar panels on their homes was announced today.
The scheme, a partnership between Cross Keys Homes, Strategic Team Group and Macquarie Lending, is the biggest partnership of its kind and is aimed at alleviating fuel poverty for Cross Keys Homes’ tenants. Roll-out of the first solar panels commenced this week and is fully funded by Macquarie Lending, requiring no financial contribution from Cross Keys Homes.
Offering a potential saving of up to £250* per home, this deal will collectively save tenants over £500,000 per annum and will be a blueprint for similar schemes around the UK.
The scheme is part of the UK’s largest free solar roll-out, a programme being funded by Macquarie Lending, installed and maintained by Strategic Team Group and represents a major boost for the sector.
Chairman of Cross Keys Homes, Dr Angus Kennedy, said: “We are determined to do all that we can to alleviate the hardship many of our residents are facing at this difficult time, as well as lead the way in the housing sector using new and unique initiatives.
“This is a fantastic opportunity for our residents and one which we are very proud to be embarking on. It will help many residents in their fight against fuel poverty and hopefully will encourage more housing associations and social landlords to embark on this superb initiative.”
Andrew Watson, Strategic Team Group’s Managing Director, said: “Cross Keys Homes is committed to helping its tenants financially and has capitalised on our free model that offers huge fuel bill savings for its customers by installing PV panels at no cost and no risk”.
Andrew Gray of Macquarie Lending, said: “This marks a significant first step in Macquarie Lending’s strategy to support housing associations’ efforts to reduce tenants’ energy bills. We are looking forward to building on this platform and working with associations across the UK as they seek to do the same for their tenants.”
* Based on 4kWp solar PV system installed on south facing roof and British Gas pre-payment electricity rate of 14.66p/kWh from 16th November 2012 including standing charge.
Notes to Editors
About Cross Keys Homes
Cross Keys Homes is Peterborough’s largest housing association following the transfer of the city council’s 10,000-strong housing stock nine years ago. They currently manage around 14% of the households in Peterborough, and as such have a huge local commitment and responsibility. They are a not-for-profit charity with 250-plus staff. For more information visit: www.crosskeyshomes.co.uk
Macquarie Bank was founded in 1969 and is a global provider of banking, financial, advisory, investment and funds management services with over 13,600 employees in 28 countries and assets under management amounting to A$347 billion. Macquarie Bank is regulated by the Australian Prudential Regulation Authority. It is rated A/Stable by Standard & Poor’s, A2/Stable by Moody’s and A/Stable by Fitch. The Macquarie business group supporting this initiative is Corporate and Asset Finance Lending (“CAF Lending”), which is the corporate and real estate lending platform of Macquarie. CAF Lending has over 75 investment professionals globally and has provided over US$20 billion of new lending and investment commitments since Q1 2009 to more than 400 clients.
About Strategic Team Group
Strategic Team Group is a dynamic business providing innovative construction and property service solutions to the private and public sectors. Founded in 2000 it now has annual turnover of circa £55m in its core market sectors of Living and Learning. The business employees almost 200 dedicated and highly motivated people delivering new build, refurbishments, maintenance and energy efficiency works. For more information visit www.strategicteamgroup.com