Residential energy services specialist Hometree, has acquired renewable energy installer and NaCSBA member IMS Heat Pumps.
The acquisition is part of Hometree’s ambition to become the first choice for homeowners looking to decarbonise.
Since it was founded in 2015, Hometree has grown to become a leading name in residential energy services. Building on its history of home emergency breakdown and insurance, Hometree’s expansion into renewables is part of it repositioning itself as a key partner for homeowners looking for low-carbon home energy solutions.
It now has over 100,000 customers who rely on Hometree to keep their homes running smoothly with emergency heating, plumbing, electrical repairs and maintenance plans, delivered by its nationwide network of over 5,000 multi-trade engineers and installers.
In addition, through its Hometree Finance division, Hometree has the largest portfolio of residential heat, solar and battery leases in the UK which it finances and owns the assets for homeowners, so they can benefit from the lower energy bills, without the upfront cost of installation.
The domestic renewable energy challenge
The UK is phasing out gas boilers in new homes by 2035, driving the investment in renewable energy power sources, including heat pumps, solar panels and electric batteries, with 600,000 heat pumps expected to be installed by 2028.
This surge in demand means that Hometree, with the acquisition of IMS Heatpumps, is now poised to accelerate the change from gas boilers to heat pumps and other renewable technology.
The deal gives IMS Heat Pumps access to Hometree’s customer base, its suite of financing products and insurance services, while Hometree will train its engineering workforce of 5,000 engineers to install, repair and maintain renewables – a key consideration given that reports have suggested that the country needs 30,000 heat pump installers to meet its ambitious targets.
Hometree Founder & CEO Simon Phelan said: “I’m incredibly excited to be partnering with Emma Bohan and the IMS team and look forward to helping them scale the company significantly. If the UK is to achieve its net zero ambition, we will need an army of installers right across the country and we’re committed to bringing together these skills, supported by financing and in-life repair and maintenance services, to make Hometree the first choice for homeowners who want to do the right thing by the planet.”
Emma Bohan, Managing Director of IMS Heat Pumps said: “We’ve been installing heat pumps for over 25 years and we’ve watched the renewable home energy industry grow and grow in that time. By partnering with Hometree, we can bring our specialist expertise to many more homeowners and look forward to working closely with the Hometree team to drive uptake of sustainable heating solutions across the country.”
