Solar panels

Beachview_2

Re mortgaged houses, I suppose the best thing would be to ask the mortgage company. Maybe some have different policies about solar panels. I wonder if it depends how much mortgage you have left?

irishjohn

If you are considering the free install system - I suspect they will draw up some sort of contract hire agreement which allows them to retain ownership of the equipment and the income it generates for the period of the agreement with NIE. From what little I have read the ownership passes to the householder once there is no further income from NIE, in approximately 25 years.

Before approaching your Mortgage provider I would ask the solar panel provider to spell out just how they see this working - if your home is mortgaged at the point of installation, and what would then happen if you decide to sell up and move.

Then, armed with that information, it would be a good idea to consult your mortgage provider who has a charge on your property for the duration of the mortgage.

jamesstephenson57

Free solar panels sound good, but buying them yourself is better. Nothing is free and in return these companies will ask you to signup a 25 year agreement. You will be getting £230 free electricity per year, but you will be giving away a cash income of more than £35,000 over 25 years from a system that would cost around £15,000.

Tasha70

For people who can't afford it though and can potentially save 30% off their electricity - surely it's a win-win for you & the solar company then?

zeupater

jamesstephenson57 wrote: »

..... You will be getting £230 free electricity per year, but you will be giving away a cash income of more than £35,000 over 25 years from a system that would cost around £15,000.

Hi

The details above seem to be a little out-of-date (over 2 years) ....

It's likely that the average 4kWp system will save little more than £100/year on the electricity bill, will deliver a cash income of around £12000 over 20 years with the cost currently being closer to ~£6500 ....

HTH
Z