Financing PV panels
A Sun Switch solar PV system is a great investment opportunity, providing income and clean energy for many years to come. There are several options for how you might finance the system.
For a more detailed discussion, and to book a free, no-obligation survey with a solar PV expert in your area, contact us.
Buying a solar PV system outright
If you have the capital available, the simplest way to buy a PV system is to buy it outright. Income from the Feed-in tariff is both index linked and tax free, and guaranteed for 25 years, which makes the installation of Solar PV panels an attractive investment. The internal rate of return is between 7 and 9%. Furthermore, you reduce your energy bills and your carbon footprint, and protect yourself against future rises in electricity prices.
Mortgage
If you don’t have the capital available or you decide to rather spread your costs, the most popular way to finance your PV system is through adding the cost to your mortgage. This is the lowest cost route to financing your PV system. The income and savings you get from your PV system thanks to the feed-in tariffs are likely to be more than the additional payments on your mortgage.
If this is the option you are interested in, please contact your existing mortgage provider to see what rate they can offer.
About free solar panels
Some companies offer 'free' solar panels, where installation is free and the homeowner receives a proportion of the savings generated by the Feed-in Tariff scheme. The Consumer organisation Which? recently recommended that anyone interested in saving carbon and benefitting financially from FITs should instead purchase the panels outright, via their own savings or by taking out a personal loan, in order to maximise the benefits in the longer term. A link to the Which? recommendations can be found on the Sun Switch blog.
Critical changes to the Feed in Tariff scheme.
Alison Cutland,
Sun Switch sales manager
We have over 20 years' experience of helping people improve energy efficiency in their homes. Read about our heritage or contact us for a free, no obligation visit from a PV system designer based in your area.
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