MyPlanet Quote

Martyn1981

[quote=[Deleted User];68449631]So let me work that out. Ignoring bulbs. Smart controls fair enough - was thinking of getting anyway.

Generation/Export = £480
Savings = £120
Diverter = £70
MyEnergy+ = £135

So total saved = £800/year.
[/QUOTE]

Doubt the MyEnergy will save you anything at all. If you look at the PV FAQ's many of us will claim a fourth income from savings above and beyond PV replacing leccy, as you'll probably become more aware of your own consumption, and find you can trim it a bit. But this will be a natural process, worth a few quid.

So, if you can make use of diverted leccy, I'd stick at an annual income guesstimate of about £650.

If you pay £6k or less, then that's a great return, but it has to come from cash, or very, very (sorry - very, very, very) cheap interest.

Mart.

EricMears

oldskoo1 wrote: »

. . . . a friend bought most of his install on a interest free credit card. I don't think he put the entire balance on it as you may not have the potential to have such a high balance. But he put a big chunk on it.

I would recommend you research properly what taking out an interest free credit card does to your credit score first. Also be prepared for a surcharge of 2% or so.

There's a lot to be said for paying at least £100 by credit card - CC Company will then act as a guarantor if the SP installers fail and owe you money.

If you can get a CC that's interest free for a long period then the more you can borrow from them, the better off you'll be. I don't think having such a CC would affect your credit score very much although having it maxed out probably would.

Interest free periods are usually fairly limited so make sure you have an alternative strategy for borrowing elsewhere when the CC people start asking for 25% APR !

nigelpm

oldskoo1 wrote: »

Hi Paul

Secondly a friend bought most of his install on a interest free credit card. I don't think he put the entire balance on it as you may not have the potential to have such a high balance. But he put a big chunk on it.

I would recommend you research properly what taking out an interest free credit card does to your credit score first. Also be prepared for a surcharge of 2% or so.

Surely the interest free period only lasts a maximum of 3 years - what's the plan after this? I guess you could keep "rolling the debt" but there'll likely be a 2/3% charge each time - might work out negligible in terms of return with the hassle of managing the debt.

If I were in a similar position I'd want to be fairly sure the returns would make it worth my while and would prefer a financing deal over at least the payback period so I could put money away to pay the debt back when due.

I would think whether or not the card impacts your credit rating to be the least of your concerns.

zeupater

[quote=[Deleted User];discussion/5246056]4KWp roof is spot on east-west. Heres the info they gave me:-

Estimated yield = 3040 Kwh

Generation tariff = 13.39 x 3040 = £407.06
Export tariff = 3040 x 4.85 x 50% = £73.72
Energy Savings = 3040 x 16 = £243.20
(think this is what they say you save by not using your own elec at 16p unit)

Total one year = £723.98

LED Lighting (yes really they're going to give me 20 bulbs).
Savings £210.24 ?????

MyEnergy - basically an immersion rod in your water tank. Savings £97.98. But its based on price of an immersion heater - which we dont use anyway!

MyEnergy+ - they give you a smart meter etc - £137.

TOTAL SAVED per year = £1168.50

TOTAL cost £9295. £121 a month.

Cant see how this is worth my while???? Somehow he worked it out as saving me £10 per month to start with and then getting better and making loads of money.

How? Even with they're dodgy figures its less than £100 a month yet the loan is £121 a month! I dont get it.[/QUOTE]
[STRIKE]Hi

Interesting - If you have the figures in writing then many would probably appreciate your contacting trading standards ... My reasoning, well lets look at the stated savings based on 3040kWh/year ....

£407.06 = FiT
£73.72 = Export
£243.20 = Energy Savings (accounts for 100% of generation)
£210.24 = LED Bulbs
£97.98 = DHW Diversion
£137 = Smartmeter

---

£1169.20

... so to get £1168.50 there's been a little laziness in the arithmetic, but it's not a real issue, just a little rounding ....

Okay, as others have posted, the savings are ridiculous, however, they would probably be able to defend them all as single line items in certain situations and that's what they would obviously attempt to do if ever taken to task ..... but here's the crunch, they can't defend misleading the customer on savings through double accounting ....

In the figures above the company has valued the total generation as being £243.20 and attributed a combined usage saving (Incl. DHW) of £341.18 (243.20+97.98) against it .... worse than this, even if all of the individual lines were taken as being correct(/possible) the saving using the DHW diversion takes no account of displacing the gas usage with electricity, so the logical calculation for the DHW saving in the above dataset (assuming gas to be 4p/kWh and excluding conversion efficiencies) would be ... (((97.98/16)*4)-97.98) ... therefore actually not a saving of £97.98 but costing £73.48 more ...

The combined usage saving of £341.18 through double accounting therefore should logically be £169.72 (243.20-73.48) as you can't use the same self-generated electricity twice .... so, even if the individual lines are correct, there's an overstated saving through the use of false logic of £171.46(341.18-169.72), therefore the maximum saving could only logically be £997.74 (1169.20-171.46), an overstatement of ~17.2% (1169.20/997.74) per year ...

Considering the number of recent posts concerning the figures which this company uses, I'd be severely temped to ask them to check and confirm their figures (by e-mail) and if not appropriately amended, forward complaints to Trading Standards and probably the FCA too considering that financing through a credit agreement is involved ...

HTH
Z[/STRIKE]

zeupater

Hi

Forget the above post, paulfoel's just amended the original to show the electricity saving as being 50% .... logic restored, savings still incredulous though ...

Z

nigelpm

zeupater wrote: »

Hi

Forget the above post, paulfoel's just amended the original to show the electricity saving as being 50% .... logic restored, savings still incredulous though ...

Z

Not on Mercury or Venus Z :rotfl:

zeupater

nigelpm wrote: »

Not on Mercury or Venus Z :rotfl:

Hi

Agree, still major issues .... If you accept that a 50% self usage is possible before DHW diversion then only 1520kWh is spare to use. Now, assuming that the £97.98 is actually based on offsetting gas usage then at 4p/kWh and ignoring conversion efficiencies they're effectively saying that 2449kWh(97.98/0.04) would be diverted to DHW heating - strange, but diverting 1000kWh more than is available still looks a little odd ... alternatively, the minimum value which they could have used for the gas tariff would be 6.45p/kWh (9798/1520) which is a little steep ...

Still, wouldn't touch with a bargepole whether on Earth or Venus ...

HTH
Z

MEVW62

FWIW Myplanet's hot water 'saving' is by comparing against mains electricity for the part not provided by PV, not gas.