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 installation work is carried out by accredited installers.
Is there any drawback to this type of free solar panel offer?
Yes, there are several drawbacks.
The feed-in tariff is paid by energy companies for every unit of power fed into the National Grid.
It’s this scheme that makes photovoltaic solar panels worthwhile.
The average solar panel owner achieves an average of 7% return-on-investment as opposed to 0% by leaving it in a bank.
The promotional literature from these types of solar companies suggests that the average homeowner signing up for a Rent-Your-Roof Scheme and may reduce your electricity bill.
The biggest problem is you won’t see much benefit from the free power being generated if you’re not working from home.
Self-ownership will benefit far more by claiming the generation tariff yourself.
Don’t allow the Free Solar Panels companies to be claiming your feed-in tariffs for themselves.
You’ll sign a contract leasing your roof for 20 years.
The lease will be registered with the Land Registry, and, therefore, legally binding.
You won’t be able to change your mind or remove the panels during this period and should you wish to sell your house, the new owners will be bound by the terms of such a lease.
This vastly reduces your ability to sell your property.
My grandparents taught me that something that’s too good to be true – generally is!
The ‘free solar company’ will be benefiting from your home.
Simply, Why wouldn’t you want to earn that money for yourself?
Power My Home doesn’t offer free solar panels, however, we do help homeowners to benefit from the feed-in tariff themselves.