Newton Property said its Emergency Building Eco-Improvements fund, which will be made available for any block of flats factored by the firm, was launched in response to the climate emergency and climate strike protests which have seen millions demonstrate around the world.

The fund will be offered as an interest-free facility to be used for a variety of energy-efficient improvements to bring outdated buildings up to standard, such as the installation of solar panels, battery storage, LED lighting upgrades, insulation and much more.

It forms the second phase of Newton’s environmental initiative following the launch of its trade-marked 2020 Green Vision campaign last year. This initiative seeks to make customer properties cleaner, greener and more energy-efficient, resulting in significant savings in running costs and is for people and the planet, not for profit. 

Newton retains up to 40% of its profits each year to reinvest in its business and being able to help customers reduce their carbon-footprint is imperative.

Newton, which has offices in Glasgow, Aberdeen and Inverness, is the first private property factoring company to make such a commitment. The firm employs over 40 property professionals looking after a management portfolio of over 20,000 factored customers nationwide with a reinstatement value in excess of £2 billion.

Derek MacDonald, joint managing director of Newton Property, said: “We have to take action and support our customers in making smart changes that will be of huge benefit to the environment and offering this interest-free fund to qualifying customer properties is a big carbon conscious milestone for Newton.

“Factors are often seen as being reluctant to take responsibility, but we think differently. Our approach is totally different to any of our competitors and we hope that by us leading the way with our eco-improvement initiative it will encourage more factoring companies to follow suit.”

Stephen O’Neill, chairman and joint managing director of Newton Property, said: “We have already pioneered the installation of electric vehicle charging points which has been done at no cost to our customers. The benefits for reducing carbon by persuading customers to get out of their old fossil fuelled cars is clear, but a climate emergency is upon us and we must do more – time is short.

“Our responsibility as factors goes way beyond washing down the close, we have a responsibility to our customers and to the planet. We retain up to 40% of our profits each year to re-invest in our business. Now is the time to invest in our customers to help them reduce their carbon footprint.”

The fund, which will be available nation-wide, will largely be condition free safe however, if customers decide to change factor then the balance due would be chargeable.