Musings by the FIRE-side

QrizB

Have you thought about investing in balcony style solar panels which should hopefully be available to purchase in a few months?

Balcony solar isn't really comparable to a proper rooftop system. It's better than nothing, but it's rooftop systems where the big gains are to be made.

I did a solar quote on the EST website yesterday. It said I would save £700 a year ... it said 14 years payback.

It's not a quote, it's an estimate and the EST model is way out of touch with real prices.

£700 with a 14-year payback suggests a £10k quote. In the real world, in England or Wales, that would get you something like 5kWp of PV plus a 13.5kW Tesla Powerwall. That, together with a suitable time-of-use tariff, could save/earn you £1000+ a year.

NormalNorman

I've not done offset mortgages since the early 2000's to house stoozed funds. Back then there were no fees or premium interest rates. However, since then despite keeping an eye out for another competitive offset never found one that suited so just stuck with fee free repayment products that allowed 20% overpayments. Anyway, been mortgage free for many many years now.

Bostonerimus1

https://forums.moneysavingexpert.com/discussion/comment/81989015#Comment_81989015

I stuck to repayment mortgages too and made sure I was mortgage free before I retired early. Not having any mortgage to pay or lump sum to pay off feels great. I also never have to worry about mortgage rates again as I will be a "cash buyer" next time.

Smudgeismydog

I also wanted to enter early retirement without a mortgage, and don't regret it

Yorkie1

@Bostonerimus1 "ISAs aren't your only option, there's always a general investment account."

Am I right in thinking that any dividends (whether paid out or reinvested) would need to be declared via self-assessment? If so, that might be a consideration as to whether to go down that route if not already submitting SA.

kempiejon

https://forums.moneysavingexpert.com/discussion/comment/81989453#Comment_81989453

Nah, you have an allowance for divis: like cash interest, capital gains, income and I hear tell HMRC work it for you, SA not required.

Currently dividends are my favourite tax after allowances at ~10%.

Bostonerimus1

https://forums.moneysavingexpert.com/discussion/comment/81989453#Comment_81989453

If you are investing outside of DC pensions and ISAs then yes you'll have to deal with dividends and eventually capital gains. The amounts you can put in to DC pensions and ISAs are pretty generous so they should be maxed out first.

chile_paul2

https://forums.moneysavingexpert.com/discussion/comment/81988878#Comment_81988878

That's an interesting thought…….I'm definitely going down the route of professionally installed solar for the main house roof, but I also have a wooden frame garden office with a flat roof that the professional installers have advised isn't suitable for panels because of the weight.

I'll be watching with interest whether the balcony solar panels are noticeably lighter and therefore might be a suitable add-on for the garden office

chile_paul2

https://forums.moneysavingexpert.com/discussion/comment/81988812#Comment_81988812

I've had a couple of thoughts along similar lines:

• Consultancy work along the lines of my professional skillset
• Part time work as a postie (I worked for Royal Mail for a period when I was younger and quite enjoyed it. They normally recruit for the run up to Christmas, so could be a good option for the winter months)
• Small scale gardening business - I really enjoy gardening and would be happy to try it out as a business venture, but with no expectations to make good money
• Running a walking business, leading guided walks - I am intending to complete a Mountain Leaders qualification, which would enable me to lead paid guided walks, again it's never going to make big bucks, but I enjoy it and would enable me to earn a tax free income up to personal allowances

My wife also currently volunteers at our local primary school as a parent reader with the kids and helps out regularly on day trips and excursions and they often try to persuade her to join as a part time teaching assistant or lunchtime supervisor, so that is also an option

chile_paul2

Just been looking at my S&S ISA and can't quite believe the increases over the recent weeks despite the ongoing conflict in Iran with seemingly no obvious resolution that is going to open the Strait of Hormuz and allow the flow of global oil again.

There seems to be so much risk in the system (Iran, Russia/Ukraine, rising inflation, AI bubble) yet despite this the Vanguard Lifestrategy 100% Eq Acc is up 5% on a month ago, 7% on 6 months ago and 28% on 1 year ago.

Given the mortgage is due to end on 31st September, and I will need money in case to either go into the offset or to pay it off, I think I'd be foolish not to start moving some money out of equities and into safer asset classes now (probably Vanguard Sterling Short-Term MoneyMarket Fund).

The question is whether to do the full £150k now, or split it 50/50……….