Solar Panels, should i or shouldnt I

loubylou18

Hi.we are considering buying solar panels. the sales guy has quoted us for them, using a loan, which he has said could be paid off within 7-8yrs using the FIT. has any one else got panels? are you making money? is it really that easy as it sounds too good to be true ? thanks

System

Walk away. If the salesman is talking about a Barclays Home Loan it could well take you to Year 16 to break even. In Years 1 to 10, you will have to make a monthly contribution to cover the cost of the loan repayments.

Put all the details of the 'deal' on the Green and Ethical Forum and you will get a lot of good advice.

NigeWick

If you're looking at solar then you need to use Google to find some reliable companies and get three quotes. And, if you like what you hear, get it fitted very soon as the FiT is dropping to next to nothing in the near future. Also, if you've got an immersion water heater, have an Immersun system fitted as it pushes electricity to heat your water before sending any out to the grid.

I paid £6,000 for our 4kW system in March. FiT from then to June was £238 and the electricity & gas bill was £178 for March to July.

Jackthedog

Whatever you do do it quick and get them installed by early December ..

Best to shop around for a loan if needed as interest eats away at returns.

Ours were 6k with a system to heat water and monitor energy use. Our energy bill has been halved by judicious use of electricity and not heating water with gas in summer. Technically our running yield on investment is 15.67% pa

Oh and a perfect south facing roof helps hugely....

Smiley_Dan

Jackthedog wrote: »

Oh and a perfect south facing roof helps hugely....

... helps for overall generation, although that might not be the best thing to optimise for. But if you are just interesting in the FITs, yes.

pearl123

Solar is not worth it anymore.