When it comes to solar panels for home installations, there tends to be three options available. Firstly, you could pay the installation costs yourself. Secondly you could get a loan to cover the payment, or thirdly you could take advantage of one of the many free solar schemes available.
Free solar panels for home schemes, otherwise known as rent-a-roof, have seen a large influx since the introduction of the feed-in tariff in 2010. The tariff pays out for each unit of electricity produced and is Government backed for 20 years.
So what is a rent-a-roof scheme?
These free solar panels for home schemes are run by companies looking to cash in on the lucrative feed-in tariff income. The idea is they lease your roof for 20 years, installing solar panels for free. Therefore, there are no upfront payments.
What you do benefit from is free electricity for 25 years and more, helping to slash your annual energy bills and avoid the rising prices of National Grid gas and electricity.
However, those lucrative feed-in tariff payments go straight into the solar company’s pockets and you don’t see a penny of this.
Free schemes vs. buying your own
With energy bills rising year on year and expected to double by the time 2020 rolls around, solar panels could save you as much as £5,000 over a 25-year period. But with the free solar panels for home schemes you’ll be missing out on around £14,000 in feed-in tariff payments (with a 4kW system).
Investing in solar panels yourself will see you saving and earning with PV panels, instead of letting a company take all of your potential profits.
Solar panel loans
If you simply can’t afford the upfront payments for a solar panel installation, then another option to the free schemes is taking a loan instead. The Government’s Green Deal offers the chance for homeowners to take a loan on energy efficiency improvements such as double glazing and loft lagging. But the loans also give the chance for solar panel support too.
With the Green Deal you will only pay back what you save each month. However, with interest you’ll end up spending more than if you invest your own money.
Should I consider a free solar panels for home scheme?
The rent-a-roof scheme does have a good premise and if you really can’t afford your own installation it can be an option. The major problem though is you’re contracted for 20 years, which could be problematic when trying to sell your home, especially if the buyer isn’t keen on continuing the scheme.
Facts & Figures You’ll Love To Share
- [tweetable alt=””]Solar panels are now priced at a record low, providing an excellent return on investment for every buyer.[/tweetable]
- [tweetable alt=””]The feed-in tariff scheme will help homeowners earn over £500 annually with solar panels.[/tweetable]
- [tweetable alt=””]Solar panels will help to reduce your yearly electricity bills by over £100, providing over two decades of savings.[/tweetable]
- [tweetable alt=””]The generous export tariff ensures no electricity is wasted as it’s sold to the National Grid for a set price.[/tweetable]
- [tweetable alt=””]As gas and electricity prices continue to increase year-on-year, solar panels offer a way to guarantee your energy future.[/tweetable]