Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • whitbyroad
    • By whitbyroad 13th Oct 16, 1:07 PM
    • 1Posts
    • 0Thanks
    whitbyroad
    Has anybody tried combining solar panels with Stoozing?
    • #1
    • 13th Oct 16, 1:07 PM
    Has anybody tried combining solar panels with Stoozing? 13th Oct 16 at 1:07 PM
    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.
Page 1
    • jez09uk
    • By jez09uk 18th Mar 17, 7:08 PM
    • 5 Posts
    • 2 Thanks
    jez09uk
    • #2
    • 18th Mar 17, 7:08 PM
    • #2
    • 18th Mar 17, 7:08 PM
    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
    • By EricMears 18th Mar 17, 7:29 PM
    • 2,198 Posts
    • 3,841 Thanks
    EricMears
    • #3
    • 18th Mar 17, 7:29 PM
    • #3
    • 18th Mar 17, 7:29 PM
    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.
    Originally posted by whitbyroad
    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.
    N Derbyshire.
    4kwp S Facing 17.5deg slope (dormer roof).
    • jimjames
    • By jimjames 19th Mar 17, 8:17 AM
    • 11,503 Posts
    • 9,717 Thanks
    jimjames
    • #4
    • 19th Mar 17, 8:17 AM
    • #4
    • 19th Mar 17, 8:17 AM
    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.
    Originally posted by whitbyroad
    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
    • By ChopperST 22nd Mar 17, 11:02 AM
    • 1,044 Posts
    • 710 Thanks
    ChopperST
    • #5
    • 22nd Mar 17, 11:02 AM
    • #5
    • 22nd Mar 17, 11:02 AM
    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...
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

328Posts Today

3,766Users online

Martin's Twitter