What's the problem with free solar panels?
- January 22, 2014 at 5:05 pm #12982
I’ve just been to see my bank about a mortgage on a home which has “free” solar panels fitted to the roof and leased for 25 years.
Neither Natwest, Nationwide or Yorkshire bank would offer a mortgage on a property with A leased roof system as in they would be unable to repossess the property.
So be warned!!
- January 22, 2014 at 10:17 pm #12987
I have always recommended purchasing your own system for this very reason.
In the rush to take advantage of the then feed-in tariff scheme, some solar companies decided to offer solar panels to homeowners. I suppose in the gold rush of that time, nobody asked the mortgage lenders what they thought of the idea of third parties attaching technology to property.
Those who took advantage of ‘free solar panel’ offers are now beginning to realise the implications of their decision to install free panels.
The principle was sound, but only if you know 100% that you won’t need to sell your home before the duration of your contract.
I only hope this doesn’t drag the solar industry through the mud when or if legal issues arise as more and more people find themselves prevented from selling their homes.
If you do find yourself in this type of situation, then the only option is to buy out your contract to gain full ownership of the system yourself.
- February 5, 2014 at 8:05 pm #13107
Just to add to these comments there may also be a problem should you ever decide to sell the house.
The return of the FIT is so good. That’s why companies offer to install for free.
Rule No. 1.
If you are interested finding out first if you can do it for yourself.
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Founder of Power My Home.