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Engensa's New SolarLoan Introduces "Pay-as-you-Save" Solar to Millions of UK Homes
- Published: Thursday, 24 May 2012 06:24
Engensa has announced the launch of SolarLoan, the easiest and most affordable way for homeowners to generate their own electricity and cash from home solar panels, without making an upfront investment.
SolarLoan is the first dedicated loan that enables homeowners to "Pay-as-you-Save" for their solar PV system out of the Feed-In Tariff (FIT) payments and savings from their energy bills. Unlike other ways of financing solar panels, the homeowner owns the system from Day one, allowing them to gain all the benefits from the FIT and avoid any requirements for mortgage consent.
Most households will see savings immediately and will continue to save money even during the loan repayment period. Once the SolarLoan is paid off, all FIT income and energy savings go directly to the homeowner. Over the 25 year life span of the solar electric system, homeowners can see returns of up to £30,000 on a solar array installed for free with a SolarLoan.
"This is the next big step in UK solar," said Engensa CEO Toby Darbyshire. "Not only can SolarLoan offer homeowners all the benefits of a highly attractive financial investment without any upfront cost, it reduces the impact of inevitably rising energy costs and boosts the home's value."
SolarLoan financial benefits:
• Zero upfront payment - homeowners have a solar PV system fitted at their home for free - no payment whatsoever is required at installation
• Full ownership - the PV system, once installed with a SolarLoan, is the homeowner's property outright, unlike traditional 'Rent-a-Roof' or 'Free Solar' schemes
• Take advantage of FITs - previously, homeowners installing free solar did not have access to the FIT payments
• Earn money from Day One - even whilst paying off the SolarLoan most families will see very attractive savings and after the SolarLoan has been paid off, the homeowner then benefits from every penny of FIT payments and energy bill savings
• At this point homeowners can expect to earn around £1,500 per year rising to £2,200 in year 25 as grid electricity prices continue to rise inexorably
• Over 25 years a family can see returns of up to £30,000 all for an initial outlay of £0
Additional benefits of SolarLoan:
• Flexible payback - homeowners choose whether to pay Engensa back all at once or over a timeframe that suits their individual circumstance
• The exact repayment schedule depends on each homeowner's choice of system and the amount of sunshine in their region; however, most families will see savings from day one as the returns from the FIT payments and electricity savings more than cover their loan repayments
• Homeowners can choose to repay an outstanding SolarLoan at any point
• Bespoke system choice - unlike "Rent-a-Roof" schemes, homeowners can choose any size or type of solar technology product, including state-of-the-art thin film solar
• No mortgage provider permission required - as the homeowner owns the system outright there is no need to secure permission for a lease from their mortgage company
"We are thrilled to offer a finance product that can benefit millions of UK homes, drive mass adoption of renewables, invigorate the solar industry and create jobs," added Darbyshire. "SolarLoan financing underscores our commitment to innovation in both solar technology and business, to make solar energy easy and attainable for homeowners, independent of changing government policies."
SolarLoan is available from June 2012 to homeowners initially south of Birmingham with homeowners nationwide able to get a SolarLoan from October.
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