Has anybody tried combining solar panels with Stoozing?

whitbyroad
whitbyroad Posts: 1 Newbie
in Green & ethical MoneySaving
Hi all,

I have a non-shaded, south-facing roof crying out for solar panels. I'm keen to get them installed, primarily for environmental reasons, but I don't have the cash to buy them outright. I don't think I'd have a problem in getting credit, so I've started wondering about whether a "Solar Stooze" would work: buy the panels on a long-term 0% credit card and use the ~£300 p.a. to pay off some of the balance.

I just wondered if anyone else has tried this and how it worked out?

W.

Comments

  • jez09uk
    jez09uk Posts: 5 Forumite
    I bought my solar panels through a local council incentive and paid by credit card. I then balance transferred the amount on to a 0% for 18 months card. I paid off the card before the 18 months had lapsed.
  • EricMears
    EricMears Posts: 3,232 Forumite
    First Anniversary Name Dropper First Post
    whitbyroad wrote: »
    wondering about whether a "Solar Stooze" would work: buy the panels on a long-term 0% credit card and use the ~£300 p.a. to pay off some of the balance.
    Only partly !

    A 'long term 0% credit card" deal would probably only last two years. If you bought a 4kWp system at a very good price it would still be more than £4000 and is unlikely to earn as much as £300 p.a. these days but even if it did you'd want well over ten years of FIT payments to save the purchase price.
    NE Derbyshire.4kWp S Facing 17.5deg slope (dormer roof).24kWh of Pylontech batteries with Lux controller BEV : Hyundai Ioniq5
  • jimjames
    jimjames Posts: 17,607 Forumite
    Photogenic Name Dropper First Anniversary First Post
    whitbyroad wrote: »
    buy the panels on a long-term 0% credit card and use the ~£300 p.a. to pay off some of the balance.

    I just wondered if anyone else has tried this and how it worked out?

    W.

    If you can find a provider that accepts cards then yes it could work. However you'd need to stump up the additional monthly cost to pay back as the FIT amount wouldn't be sufficient to clear the balance in 24 months.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • ChopperST
    ChopperST Posts: 1,257 Forumite
    First Anniversary Name Dropper First Post
    Short answer yes.

    Paid for the panels with a 0% purchase card and have transferred balance every 18 months or so since. However I have other cash savings / investments etc. that could pay off the card off if I was ever refused the BT card.

    I guess for us it just made sense to borrow the money at 0% to buy an income generating asset when we have accounts earning 3-6% on our cash savings. I wouldn't rely solely on the FIT paying the card off without other cash savings though...
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