Green Homes - How can your business benefit?
Luke Loveridge, CEO and founder of Propflo, recently hosted a webinar titled “How Can Your Business Benefit?” where he discussed the significant opportunities for businesses in the UK’s £250 billion green home improvement sector giving insights into how businesses can leverage green home improvements to enhance their services, increase revenue, and support sustainability.
The UK faces a substantial challenge with its £250 billion green home improvement initiative aimed at achieving net zero by 2050. As energy costs rise and government incentives increase, businesses have a unique opportunity to get involved in this growing market. Whether it’s helping customers reduce their carbon footprint or improving energy security, there are numerous benefits for businesses.
Rising demand and business opportunities
Demand for green home improvements is rising rapidly. Solar panel installations, for example, have increased by nearly 700% in the last four years, driven by higher energy costs and government incentives. The upcoming general election will likely bring further policies to support net zero targets, potentially including the reintroduction of minimum energy efficiency standards for the private rented sector.
For businesses, offering green home improvements can provide significant value-added services to customers. By addressing their long-term needs, businesses can help customers secure the best mortgage deals, thereby enhancing brand reputation and customer retention. Additionally, there are substantial revenue opportunities, with businesses potentially earning over £700 per property from commission provided by improvement suppliers. These incentives are typically marketing costs for suppliers, meaning customers would not get a cheaper deal by going directly to them. In fact, businesses can pass some of these incentives onto homeowners, offering them even better deals.
Key timing for green upgrades
Green home improvements often involve major upgrades such as solar panels and wall insulation, making it crucial to engage customers at the right time. Key moments include when customers move into a new home, plan improvements, comply with regulations as landlords, or consider remortgaging to fund upgrades. Ideally, anyone reaching these natural trigger points is both asked and supported to make green home improvements.
Propflo’s end-to-end platform
Propflo provides an end-to-end platform that simplifies the retrofit process, making it easier for businesses to support their customers. The platform offers portfolio analysis tools to help businesses understand both the opportunities and risks associated with retrofitting. Propflo also has market-leading engagement tools that monitor the impact of improvements and verify completed works.
The platform’s leading consumer engagement tool, GreenVal is mobile-optimised and easy to use, providing a comprehensive business case for retrofitting works on a property. By simply entering an address, users can generate a detailed report that outlines the total financial benefits and costs of potential improvements. The tool breaks down the benefits and costs, offering insights into energy savings, increased affordability, and compliance with minimum energy efficiency standards for landlords.
The report includes a well-being rating that measures thermal comfort, indoor air quality, and financial stability. Customers can explore each recommended improvement, get direct quotes from accredited suppliers, and manage their property improvements through the HomeHub.
For businesses, the Portfolio Audit tool allows for detailed analysis of a CRM or loan book, offering insights into energy ratings, grant eligibility, and improvement viability. This tool helps businesses increase conversion rates and track engagement, making it a valuable resource for integrating green home improvements into their services.
Practical Examples and Tool Integration
Propflo’s GreenVal tool has been successfully integrated by several businesses. For example, Yopa includes GreenVal in its welcome pack for new homeowners as part of its service offering. Habito uses the portfolio audit tool to tailor messages to customers due for remortgaging, tracking progress and engagement through GreenVal. Molo, a buy-to-let lender, assesses the risk of their properties and engages landlords using the tool.
Propflo’s pricing structure is designed to be accessible, with a free tier that includes access to all tools and commissions from improvement suppliers. Paid tiers offer additional benefits, such as white-label options and higher commission rates.
If you are interested and would like to know more, please reach out via contact@propflo.co.uk to get a quote.
Q & A
Can the platform be used for employees, and can more discounts be offered to them?
Yes, the platform can be customised for employee use. A separate URL can be set up to pass on a proportion of the commission to staff members, allowing for bespoke routes for employees.
Is embedded finance available?
While most of Propflo’s customers are financial institutions that provide their own finance, embedded finance can be offered. This can be integrated into the processes or products of lenders or brokers.
What is the conversion rate for people getting improvements?
Conversion rates vary based on how the service is marketed. Passive marketing might yield lower conversion rates of a couple of percent. However, targeting customers at natural trigger points, such as those due for remortgaging, can significantly increase conversion rates. It often requires patience as customers may take several months to convert after checking their reports multiple times.
How are suppliers vetted?
Propflo selects fewer, higher-quality suppliers who are registered with relevant schemes such as TrustMark and FENSA for example. Suppliers must offer insurance-backed guarantees and warranties. TrustPilot reviews are considered, and internal testing is conducted where possible. Commission amounts do not influence supplier selection—quality and accreditation do.
Is flood and subsidence data included in the Portfolio Audit tool?
While Propflo has access to high-level data on flood and subsidence, detailed insights from other providers can be integrated based on customer demand.
How does Propflo’s platform compare to others?
Propflo’s platform stands out due to its simplicity and minimal data entry requirements, needing only an address. This approach helps maintain high conversion rates by reducing user drop-off. Additionally, Propflo offers a comprehensive end-to-end solution, including a free tier, which is unique in the market. Other platforms might require multiple suppliers and charge significantly more.
How can I register for the platform?
To register, users can visit the onboarding form on Propflo’s website, enter their details, and select the appropriate tier. For more customised enterprise solutions, users are encouraged to contact Propflo directly via email or LinkedIn.
Create additional revenue by supporting energy efficiency
About Propflo
Propflo is an award winning data-driven AI platform that supports lenders and property businesses to comply with energy efficiency regulations, meet their climate targets, and then support their customers in their wider ownership journey.
Propflo was founded by proptech entrepreneur Luke Loveridge and geospatial and risk data scientist Dr Daniel Moyo. It also has world leading AI expert Mike Tipping as an advisor.
www.linkedin.com/company/propflo
Contacts:
Felix Schraff
comms@propflo.co.uk
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