Paying for the upfront costs of renewable energy options is usually too high a hurdle to cross for many people interested in making the move to green energy.
Engensa may have an option for such people in the UK, however, according to a recent article in BusinessGreen. The solar specialist has officially launched an option that allows households to install solar panels with no upfront costs.
The offer, reported to be available to homeowners to the south of Birmingham from August 1, will be rolled out nationwide from October. It wiil provide households with an unsecured 10-year consumer loan worth up to £50,000 at an APR of 7.9 per cent.
UK solar panels on home via Shutterstock
The loan can be paid off at any time during its lifespan for no extra cost. Engensa says the loan is structured to ensure most homeowners generate savings as soon as the solar system is installed.
“Even at the new August feed-in tariff rate of 16p/kWh most families will make money,” the company said in a statement. “[They will be] generating more in savings and feed-in tariff payments than their loan repayments from day one and will receive the financial benefit in its entirety once the loan is paid off.”
An example put forward by the company suggests that a family purchasing a 4kWp solar PV system for £6,800 would have to make loan repayments totalling £9,755 at a rate of £81 a month. However, the system should generate 3,732 kWh of electricity a year delivering £702 through the feed-in tariff incentive scheme and £284 in savings on the property’s electricity bill, equating to a new income of £82 a month.
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