Solar panels

Fruit_and_Nut_Case

Martyn1981 wrote: »

@ Hengus. I'm sure I've read similar stories this year on MSE, and all/often mentioning Barclays loans (possibly just a coincidence). Would there be any comeback on Barclays if they are 'in-bed' with deals that seem to involve mis-selling ...... even if they are not, in any way, party to the actual act of mis-selling?

Mart.

I've seen solar PV adverts on Facebook which mention Barclays. I'm sure they name-drop just to add a sense of legitimacy.

System

Martyn1981 wrote: »

@ Hengus. I'm sure I've read similar stories this year on MSE, and all/often mentioning Barclays loans (possibly just a coincidence). Would there be any comeback on Barclays if they are 'in-bed' with deals that seem to involve mis-selling ...... even if they are not, in any way, party to the actual act of mis-selling?

Mart.

A quick search of various PV installers' websites shows that many offer Barclays Home Improvement Loans as a way of financing PV installs. Looking at the high rates of interest cited on some sites, I suspect that these are unsecured loans. I would like to think with the recent re-payments that Banks have had to make over mis-selling that all the 'i's would have been dotted and the 't's crossed. It is clear from what the OP has said is that she is aware of the £1236 annual cost which I assume she will pay for 10 years. The key point for her is that she was led to believe that the £600 p a or so that she would get 'off the grid' would cover the monthly repayments. It clearly will not.

@Martyn1981 I agree that 50% PV Solar usage is on the high side. How much of the energy generated people use is very much down to them. On our 2.115kWp system, we can use 60 to 70% but it is hard work.

[Deleted User]

Elaineb89 wrote: »

We are in Mintlaw, Aberdeenshire
It's a 4kw
South facing.
Estimated over £103 a month
We paid £7995.

I'm going to install solar panels but I'm looking at things slightly different. If you had £7995 in an ISA what return would you get? Do the sums, 103 x 12 / 7995 = 15% return each year. I think you said you're getting less than this say half as much. A return of 7.5% is still better than keeping the money in the bank. My problem is I don't really want to lock up the money but then again it might be worth it?

System

[Deleted User] wrote:

I'm going to install solar panels but I'm looking at things slightly different. If you had £7995 in an ISA what return would you get? Do the sums, 103 x 12 / 7995 = 15% return each year. I think you said you're getting less than this say half as much. A return of 7.5% is still better than keeping the money in the bank. My problem is I don't really want to lock up the money but then again it might be worth it?

Please read the whole thread. With respect, you are not comparing like for like as the OP has had to take out a loan to cover the installation cost.

gjchester

[Deleted User] wrote:

I'm going to install solar panels but I'm looking at things slightly different. If you had £7995 in an ISA what return would you get? Do the sums, 103 x 12 / 7995 = 15% return each year. I think you said you're getting less than this say half as much. A return of 7.5% is still better than keeping the money in the bank. My problem is I don't really want to lock up the money but then again it might be worth it?

Your missing the fact you also reduce your power bill, so if you generate 1KW from the panels you don't use 1KW from the grid.


Its almost impossible to accurately calculate what you save in this way as the actual draw in the house will vary, as will the power from the panels, and so will the unit cost over the next few years.

Elaineb89

So it turns out my oh signed the contract with these figures. The salesman told us one thing and wrote down something completely different. We don't have a leg to stand on. I have just had to give up my job to look after our disabled child, no idea where we are finding this extra cash every month!