Last updated on February 16th, 2019 at 05:57 pm
I am considering an offer of free PV (photovoltaic) solar panels on my house. The offer seems very generous. There is no charge, a 25-year guarantee and all work involved is done by accredited installers. Is there any drawback to this type of solar panel offers?
Power My Home Solar Panels in the UK.
Yes, there are several drawbacks.
The feed-in tariff (Fit scheme), where homeowners generating their own electricity are paid by energy companies for every unit of power they feed into the national grid.
It is the Fit scheme that makes photovoltaic, solar panels worthwhile as an investment because it might earn the average solar owners around £900 a year from a £12,000 to £15,000 (around 7% return as opposed to 3% by leaving it in a bank account).
The promotional literature from these types of solar companies suggests that the average homeowner signing up for this type of rent-your-roof scheme will reduce their electricity bills by around £150 per year. (more…)