Solar panels

elorac52

Has anyone had solar panels fitted on the psp method?
Is it true that they pay back as good as I am being told?

Bubblebath

elorac52 wrote: »

Has anyone had solar panels fitted on the psp method?
Is it true that they pay back as good as I am being told?

Dunno. Depends on what you are being told

mac2008

I assume you're referring to panels via a company like Project Solar UK. The scheme to which you refer basically looks like a loan, with a hope that the FiT payments and electricity bill savings will at least partially cover loan repayments.

Whether it is worth it or not depends entirely on the price and technical details of installation, the interest rate on what is effectively a loan, how you use electricity (and how much), whether you expect to move home in the next 20 years etc etc.

From a quick look at their site, they look OK as a company, but the information provided is a bit vague in places and not always accurate. e.g the FiT duration is described as 25 years and "up to 30 years, depending on the panels you go for." on their domestic PV page. I believe it is only 20 years for all types of PV since 2012.

Also not sure what "These prices vary from year to year, but you can expect to claim up to 30% of your domestic solar panel installations cost through your FIT’s." really means?

Also no mention of factors like maintenance costs, like a replacement inverter.

It would be nice if they provided some illustrative examples of a typical system, finance rates, costs etc. I'd suggest that if you really want solar PV that you obtain a quote and post the details on the 'Green and ethical moneysaving' board for further advice.

elorac52

Yes the company is Project Solar. Have you had dealings with them?
Where do I find the Green & Ethical forum?

mac2008

elorac52 wrote: »

Yes the company is Project Solar. Have you had dealings with them?
Where do I find the Green & Ethical forum?

Hi, I've not had dealings with them, but as I said, from looking at their website they seem legitimate, are members of the correct schemes and have the right accreditation.

The forum is: http://forums.moneysavingexpert.com/forumdisplay.php?f=100

Also, I've just found more details of the 'scheme' which mentions an interest rate of 9.9%. With a decent credit rating you could get a better rate elsewhere.

http://www.projectsolaruk.com/psp-scheme/

elorac52

Thank you for your help

matelodave

As mac says, you really need to do your homework before jumping in with solar panels, especially if you are going to borrow the money to pay for them. Get proper quotations from several companies so you can compare what's on offer and get some idea of what benefits you are going to achieve. Hopefully several quotes will show you how much you should generate, how much you'll get in FIT payments and how much you are likely to save - any who are wildly different should be treated with suspicion. Likewise you should also compare prices and any loan deals - you might be better getting a bank loan rather than pay HP for 10 years from a finance company.