Solar Panels - Should I be wary?

Innys1

Propertyfan wrote: »

Solar panels for UK properties is like learning algebra at school.

Makes no sense!

I paid £11k for my panels. In the two and a quarter years since then, I have earned over £3k.

Your definition of making sense is different to mine.

Richard_Webster

They may well be financially beneficial but the problem is with the rights under a lease to the energy company over the roof of the property.

Lenders are not generally happy with some of the wording and the fact that, because it is a lease of roof space for energy generation, it is treated as a business lease under the security of tenure provisions of the Landlord & Tenant Act 1954.

tunnel

Leakrgn wrote: »

Myself and my boyfriend are looking into putting an offer in on a 3 bed house which has solar panels. We are first time buyers and I think people can tell we are a little inexperienced.

We asked the estate agent what the impact of the solar panels is on the house and whether it is a 100% benefit and he said yes, however my mother says that they get installed for free and then the cost of the installation and the equipment itself gets added onto your energy bills so it isn't always a good thing. So at the moment there is a potential hidden cost that we are unaware of but the estate agent says he doesn't know and it's for solicitors to find out. Shouldn't he know???

Lets get this straight, there is no hidden costs. If the panels were purchased by the property owner(you don't state whether they are) then once you purchase the house the FIT can be transferred to you and you'll reap the benefit of the panels, ie;- you use the free electric AND you get paid for generating it(that's for everything you've generated including the what you've used).

If the panels are RaR(rent a roof) then once you purchase the property then you get to use all the free electric being generated but the company that own the panels will collect the feed in tariff. Some lenders do have issues with RaR, some don't. Some RaR companies may even sell you the system(at a greatly increased price). Once the lease has expired(20-25yrs) then the panels are yours anyway.

I personally wouldn't buy a house with RaR panels, my choice as I can afford to purchase my own and enjoy all the benefits of them.

As for bills increasing, mine have decreased by about 1/3 since installing them.

harrys_dad

A quick google search for "solar panel mortgage problems" gives a number of links like this one http://www.mortgagestrategy.co.uk/latest-news/lender-concern-over-solar-panel-leasing/1068763.article

It is absolutely essential to find out who owns the panels, the householder or one of these "rent a roof" companies. You need to make sure your solicitor asks their solicitor and that the answer is in writing. Your lender will need to know this information.

Ivana_Tinkle

This is an old thread that's been bumped by arronsmith, who's signed up today to post the same thing on 10 different threads!

Alpha58

Propertyfan wrote: »

Solar panels for UK properties is like learning algebra at school.

Makes no sense!

We got in just in time on the higher rate buy-back tariff. Free 'leccy during the day and a cheque for £1300 every year for 25 years makes sense to me!

seacasa

My first observation on the original post is, No, the Estate Agent shouldn't "know". Why on earth would he??? That's why you pay solicitor's conveyancing fees!