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Solar Panel Buy Back
Hello folks. We have a solar panel installation on our roof which seems to be doing what it says on the tin.
We have been approached by a company offering to buy the installation - the deal is that they then take on all maintenance responsibilities, and they get the FIT, whilst we still benefit from the electricity they generate.
Obviously, their offer is going to be less than the likely income generated over the life of the system, but they're working on the assumption that a fairly nice lump sum, plus no worry about replacing a dead inverter for instance, will prove attractive. And it sort of does, but my gut instinct is that we'd be better off keeping the FIT.
The other issue which occurs to me is, what are the implications of - in effect - leasing our roof space? We're not likely to sell the house anytime soon, but I do wonder what effect on value would result if we accepted the offer?
We have been approached by a company offering to buy the installation - the deal is that they then take on all maintenance responsibilities, and they get the FIT, whilst we still benefit from the electricity they generate.
Obviously, their offer is going to be less than the likely income generated over the life of the system, but they're working on the assumption that a fairly nice lump sum, plus no worry about replacing a dead inverter for instance, will prove attractive. And it sort of does, but my gut instinct is that we'd be better off keeping the FIT.
The other issue which occurs to me is, what are the implications of - in effect - leasing our roof space? We're not likely to sell the house anytime soon, but I do wonder what effect on value would result if we accepted the offer?
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Comments
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Imho, you would be mad even to consider it for a moment. I get 80% of my annual return from FiTs with a RoI of 9 years. 'Rent a Roof' can cause legal problems if you wish to sell your house - probably, becoming more of a problem as your PV Solar system gets older. You should factor in legal costs associated with any deal: change in Title, mortgage changes etc.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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This sort of deal is starting to pop up a lot now. There is even an Abundance investment based on the practice.
If you are thinking seriously, then first thing is to get a quote and see what you think. I'd guess that it'll be about 1/3 of the remaining FiT and export earnings. Allowing for say £800 in the future for a replacement inverter and fitting costs, you are probably going to be better off keeping the system. But it's your decision at the end of the day.
Mart.Mart. Cardiff. 8.72 kWp PV systems (2.12 SSW 4.6 ESE & 2.0 WNW). 20kWh battery storage. Two A2A units for cleaner heating. Two BEV's for cleaner driving.
For general PV advice please see the PV FAQ thread on the Green & Ethical Board.0 -
Out-of-interest, do 'rent-a-roof' schemes include removal of the system at the end of the FiT period?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Out-of-interest, do 'rent-a-roof' schemes include removal of the system at the end of the FiT period?
They might do, but since the contract is ending and there is no further income, I'd guess it's more likely that they'd want to avoid that cost, so would, instead, gift you the system.
That's probably not a bad solution, as even if a new inverter is needed, you'd still hopefully be looking at 10+ more years of generation and leccy savings, though I don't know what will happen about export payments.
Mart.Mart. Cardiff. 8.72 kWp PV systems (2.12 SSW 4.6 ESE & 2.0 WNW). 20kWh battery storage. Two A2A units for cleaner heating. Two BEV's for cleaner driving.
For general PV advice please see the PV FAQ thread on the Green & Ethical Board.0 -
Out-of-interest, do 'rent-a-roof' schemes include removal of the system at the end of the FiT period?
'A Shade Greener'(ASG) lets people retain the PV system.
However given the cowboys that operate in the PV field, I wouldn't be surprised if some firms try and make some money out of customers at the end of the 20/25 years.however, at the end of the FIT Scheme under the terms of the Agreement with the homeowner we will agree to leave the panels on the property in perpetuity (i.e. forever – for the life of the panels) so that the owner of the property can continue to benefit from them or benefit from any tariffs that may be in place at that time, without having to pay anything.
If they are a heap of junk after 20/25 years, I doubt any firm will remove them for free - even ASG0 -
Why would they bother replacing the inverter?
Does the inverter have to work for them to get the FIT?0 -
Why would they bother replacing the inverter?
Does the inverter have to work for them to get the FIT?
Err - yes. The inverter converts the solar DC to grid AC. If there is no AC conversion, then the system will not generate any electricity so no FiTs.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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