Eco-Living Magazine

Green Deal to Part Fund Solar PV Installations

Posted on the 05 April 2013 by Ecoexperts @TheEcoExperts

Green Deal to part fund solar PV  installationsRESIDENTS will be able to pay for solar PV panels with an energy efficiency loan from the Government.

The Department of Energy and Climate Change (DECC) estimate doing so will save/earn homeowners £605 a year through a mixture of energy bill savings and feed-in-tariff payments.

The Green Deal is a government incentive to increase the energy efficiency of millions of UK homes, and will enable residents to make home improvements at no upfront cost.

The DECC estimates a home owner could get a £2,600 loan for a 4kw solar PV panel costing £7,000. This means the resident would have to raise £4,400 themselves.

Assuming the resident had a south facing surface the solar panel should be able to generate £605 a year from feed-in-tariff payments (money the government pays people generating solar energy).

The homeowner would also save an estimated £255 on electricity bills, as the energy they use is now free.

However, the minimum repayment to the Green Deal provider would be £255, bringing the net saving /earning down to £605 per annum.

A spokesperson for the EcoExperts said: “Not only will this move help millions of households generate their own free and secure energy it will also be a massive boost to the solar industry. This is turn will help to boost the economy, as the renewables industry continues to grow and generate more jobs and training opportunities.”

Other home improvements available on the Green Deal include double glazing, solid wall insulation and cavity wall insulation.

So far about 2,000 people have signed up to the scheme.

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