3 Different Ways to Pay for Solar Panels Installation

Solar Panel InstallationMost people in the UK know the long-term benefits of solar panels installation but baulk at the initial expense. A good set of solar panels today cost upward of £5,000 for a 21 sqm area. This is capable of generating 3kW of electricity if you have a south-facing roof and no shade, and this is usually enough for a typical UK family. 

The cost will go higher if you want to generate more electricity. If you do not have the money to buy the panels and pay for installation, you can consider the following options.

Free

Some companies may offer free solar panels installation to cash in on the feed-in tariff scheme. They will install panels on your home to get the payments from the government. Back in the day, a typical set up can generate payments up to £1,100. However, the payment rates fell quite a bit recently, so fewer companies are offering this option. A typical setup in London may get about £260 a year, so if the company invests £5,000, it will take about 19 years before they can make it back. That is a long time to wait for a profit. If a company offers a rent-a-roof scheme, it is worth considering.

Loans

Another option is to take out a loan. While it may take your 20 years or so to get back your investment, you will have the satisfaction of knowing you can generate your own electricity if you need it. It can also raise the value of your home if you decide to sell as most people put a premium on environment protection. If you get a system that can generate more electricity you can export, you may get your money back sooner. Some solar panel installation companies can help you get financing, Ecolution suggests.

Remortgage

You may also consider remortgaging your home to pay for the solar panels. The money you save on your energy bills and the payments you get from the government may be enough to cover higher mortgage payments.

Installing solar panels is a good investment for you and the environment. If you have a problem with funding, you can consider the above options. Do the math before you decide, so you can choose the option that will benefit you the most.