Cost of solar panels repaid after 5 years - too good to be true?

ianmason

Hi All,

I hope you can help. My Dad has signed up for £20,000 worth of solar panels to be fitted on Monday and the company has apparently guaranteed the full cost of the installation will be repaid after 5 years. This guarantee is also backed by an insurance policy in case the company goes into administration and all we have to do is put a board on our house for 2 months and write a testimonial which they hope will garner them new business.

The company is called Solar Energy Savings under their 360 loyalty scheme and the Insurance policy is with a company called Capital Suisse.

Is this normal practice?

solarenergysavingsukDOTorg

Worried,

Ian

SailorSam

When you say the full cost £20k will be repaid after 5yrs, does that mean they've promised to give your Dad his money back. Can you really see that, what will they be making out of that. Or do you mean the £20k is what you'll save in your power bills over that time ..... How many people do you know who spend £4k a year on energy. Try and get out of it, he's been conned.

Read this story, it's about an ex footballer who has already been done for selling vunerable people security alarms, he's now calling himself Solar Energy Savings Ltd and selling dud solar equipment.

Scambusters probing solar panel firm linked with rogue alarm firm boss David Diaz - The Daily Record

cte1111

According to their website (just did a quick google) they repay the purchase price if you reclaim in month 60.
http://www.solarenergysavingsuk.org/360.php

It does say subject to terms and conditions, without saying what those T&C are though.

ianmason

The cost of the system was £20k for 18 x 200w panels fitted to a south west facing roof giving an apparent efficiency of 95%.

The benefits were sold to us as follows

At 21.9p/w the system should pay back £1,300/y. If installed before the 3rd or 6th March (Can't remember) there was a possibility of getting the full 43p/w which would be more like £2,700. On top of this at leat 50% saving on electricity bought from the grid and then of course the purchase price of £20k refunded on the 60th month after instalation.

The sales man was extremely good as I would usually be all over the web checking things out if my dad had said he wanted to spend this kind of money.

After reading the Daily Record and many other online reports of this company We have decided to cancel the installation. Luckily the £5k cheque given as deposit late on Thursday has been stopped.

Moral of the story, RESEARCH STUFF!!

SailorSam

That was a lucky escape.
I think there must be a future for solar power if it's done properly, if you're still interested have a search around this forum, lots of people have had it fitted and posted good advice here.

ianmason

Thank SailorSam! :-)

Martyn1981

ianmason wrote: »

Hi All,

I hope you can help. My Dad has signed up for £20,000 worth of solar panels to be fitted on Monday and the company has apparently guaranteed the full cost of the installation will be repaid after 5 years. This guarantee is also backed by an insurance policy in case the company goes into administration and all we have to do is put a board on our house for 2 months and write a testimonial which they hope will garner them new business.

The company is called Solar Energy Savings under their 360 loyalty scheme and the Insurance policy is with a company called Capital Suisse.

Is this normal practice?

solarenergysavingsukDOTorg

Worried,

Ian

Ian, I think your Dad owes you a beer or three.

Assuming absolute perfect location, can't see those panels on a SW roof ever reaching 1,000kWh's per kWp (3,600units pa).

But even if they did, that's 'only' £756pa at 21p. Maybe £56 for export and £100 savings on bill if he tries very hard, so £900pa - and that's a very, very high estimate.

Probably closer to 3,000 units pa, (£750 approx total) so now way of reaching £1,300pa

Also a 3.6 system should be nearer £8k not £20k.

Well done, and as SailorSam said, if he's still interested have a good nose around here and other sites. There's tons of info on PV and FITs.

Happy hunting.

Mart.

Tommy_PV_Victim

I was told about this forum when I was talking on a complaint forum of Solar Panel Installers.

Please note that you MUST avoid Solar Energy Savings Ltd (Director Stephen Rievaulx Wilson of Global House Bailey Lane Manchester Airport ManchesterM90 4AB). I am saying this because I am a victim of them (out of hundreds). They told so many lies when they came to see me, and I found it out too late. They have different lies to tell different people depending on your circumstances. They are professional !

I am not allowed to post a link, but you can search a website called heatmyhome dot co dot uk and you should see loads of complaint about them.

Once again, whatever you do, DO NOT believe Solar Energy Savings in Manchester.

Underscore

They'll be bust within 5 years. A lucky escape. Another lesson to always seek comparables.

Companies giving solar a bad name - a shame.

Tommy_PV_Victim

Just to say another way of find the complaint forum is to type in the keys "bad complaint" and "solar panel". You will see some interesting and useful information there :T