Governmant Solar Scheme

moneysaving_butler

Martyn1981 wrote: »

That doesn't sound right, and doesn't sound like it'll work.

Run away ... fast.

Proper answer to follow as I'm pondering, but can you confirm, do you mean a split system facing East and West with a roof pitch of 38d?

Mart.

Yes to confirm an East west split. 38 degree pitch. Are you figures for a year, or a month?

Martyn1981

moneysaving_butler wrote: »

Yes to confirm an East west split. 38 degree pitch. Are you figures for a year, or a month?

Hiya, those figures are for a year. For it to work for you, I still think you need a deal of around £4.5k or less, and self funded, as interest will make it worse. £4k would be great, but that's right at the bottom end, and a split system might involve more scaffolding cost, so tough, but hopefully heading that way.

[Edit:- the income figures can vary, but PVGIS estimates are very good, and PV'ers have a pretty good handle on leccy savings. You'll also see that Zeupater came out with exactly the same figure as me, so whilst they are guesses, they are reasonable/calculated guesses. M.]

Mart.

Martyn1981

moneysaving_butler wrote: »

I asked questions like, "does the system generate enough per month to cover the cost of the loan", the answer I got was a yes. I'm gobsmacked at the audacity.

I appreciate that you may just want to move on, but could you take the time to contact some of the bodies that oversee this stuff, such as REA and MCS. Plus any accreditation bodies on the paperwork you have.

I suspect (from similar stories in the past) that the paperwork you have, won't be quite as clear on the returns, as the verbal info you got. There'll be lots of upto's, and potential future inflationary uplifts etc.

If you know what was said, then you should be taken quite seriously if you complain.

Regarding costs, £10k goes back to late 2011. A good price to pay since then has been £8k Spring 2012, £7k Summer 2012, £6k 2013-14, £5k 2015. These are at the better end, but not the very lowest.

Mart.

moneysaving_butler

Thank you. Seem's like a very bad idea, I will cancel. to me it seems surprising that this government backed scheme is basically enabling people to get in to a fairly hefty debt, just so they can hit the kuyoto 2020 targets for Green energy. Shocking.

Lesson learned if it seems too good to be true, it is. I don't want to put people off. But this is far from what they are promoting....be careful everyone.

moneysaving_butler

Martyn1981 wrote: »

I appreciate that you may just want to move on, but could you take the time to contact some of the bodies that oversee this stuff, such as REA and MCS. Plus any accreditation bodies on the paperwork you have.

I suspect (from similar stories in the past) that the paperwork you have, won't be quite as clear on the returns, as the verbal info you got. There'll be lots of upto's, and potential future inflationary uplifts etc.

If you know what was said, then you should be taken quite seriously if you complain.

Regarding costs, £10k goes back to late 2011. A good price to pay since then has been £8k Spring 2012, £7k Summer 2012, £6k 2013-14, £5k 2015. These are at the better end, but not the very lowest.

Mart.

Hi Mart, thanks again.

I will dig out the paperwork given and I'll get the exact figures on here later. there was a breakdown showing the projection, based on worst case scenarios of 2.2 hours of daylight a day, the salesman said they had to work it out like this so as not suggest figures that were unachievable. He did "hint" that it would be higher then he'd write down. There were also figures suggesting a net profit of (from memory) close to£32,000 over 25 years.

I'm happy to complain to the relevant places though as I feel I was massively mis sold this.

zeupater

moneysaving_butler wrote: »

... Edit. I just found this from 2010. I'd like to see a revised write up with today's offerings 6 years on. https://www.solarguide.co.uk/martin-lewis-promotes-solar-pv-but-warns-off-free-debt-based-panel-offers

Hi

Good decision to cancel, hopefully all will go well & don't be put off solar by the experience, just look at alternative ways to afford the installation at a more reasonable price.

Regarding the abovementioned link ... to be fair, when the article was written the UK support scheme (FiT), along with similar schemes across the world, which were designed to seed growth in the renewables sector with an aim to rapidly drive prices down, were pretty new - so the level of support was initially relatively high. For example, in 2010 a 4kWp system would have cost in the region of £20-£22k and attracted an inflation linked FiT rate of a little over 40p/kWh plus a deemed export payment, however, the level of support provided has been reduced in line with global reductions in equipment prices which resulted from an effective consumerisation of the pv market .... the result being current support at 4.39p/kWh on a ~£4k-£5k system. With such a rapidly changing market no-one should really pay too much attention to a 6 year old article, but more than that no business should be attempting to justify goods on any basis which is either not current or even known to be subject to substantial detrimential change which would affect a customers 'investment' justification, especially so if credit terms are involved. In addition to the bodies which Mart mentions in the above post, I would be surprised if the FCA wouldn't have a particularly negative view on 'overselling' the financial return from a credit based 'investment' product ...

HTH
Z

EricMears

moneysaving_butler wrote: »

Thank you. Seem's like a very bad idea, I will cancel. to me it seems surprising that this government backed scheme is basically enabling people to get in to a fairly hefty debt, just so they can hit the kuyoto 2020 targets for Green energy. Shocking.

Lesson learned if it seems too good to be true, it is. I don't want to put people off. But this is far from what they are promoting....be careful everyone.

To be fair to the government(s), it was no part of the scheme to encourage fraudsters to prey on victims. That alas will always happen where there's a sound money making scheme and a bunch of crims who can see a chance of persuading others to part with their earnings.

ispookie666

Just like everything the tories are doing.
I'm glad that you cancelled. I had a similar company pitch up... they would only install the ahem using Govt scheme - even though I was willing to pay upfront. I worked out the cost over the term of the loan in his presence and the APR, the total amount was coming to 12 k - then said - I can show you a better system for 40% of your offer.
The sales man said - unfortunately our system costs this much and I suggested he !!!!!! off.

zeupater

ispookie666 wrote: »

.... The sales man said - unfortunately our system costs this much and I suggested he !!!!!! off.

Hi

Did he decide to '!!!!!! off' immediately, or did he attempt to continue the pre-defined sales pitch ? ....

Z

ispookie666

zeupater wrote: »

Hi

Did he decide to '!!!!!! off' immediately, or did he attempt to continue the pre-defined sales pitch ? ....

Z

I did show him the door