A solar panel installer is offering homeowners a low interest loan to have solar photovoltaic panels fitted.
The solar panelling industry has gone through an uneasy twelve months because, although the cost of manufacturing solar panels has gone down over the last year, the Government has cut subsidies on two occasions.
The Feed in Tariff at the start of 2012 was worth 43.3 pence per kWh to householders but in April the Government brought the subsidy down to 21 pence per kWh. In August the Feed in Tariff was once again reduced to 16 pence per kWh. Further cuts in this tariff are forecast as is the cost of producing solar panels expected to continue to fall.
There was concern in the solar panel industry back at the beginning of this year when the first reduction came into force but the Government felt that consumers would still be keen on installing solar panels because installation costs were expected to fall. Although not as many solar panels are being installed when compared with prior to 2012 the industry appears to be managing the situation.
Engensa are a solar panel installer who have teamed up with Hitachi Finance to offer homeowners, who cannot afford to pay for the installation of solar panels outright, the option of borrowing the required funds at a competitive APR of 7.9 per cent.
If you are a homeowner and employed you can apply for an unsecured loan of up to £50,000 although a credit check will be undertaken on you. The loan can be taken over a term of up to 10 years with the option to pay off the loan sooner without having to pay a penalty.
A benefit of this arrangement is that the homeowner will own the solar panels.
The founder of Engensa, Toby Darbyshire, believes that this scheme will help the solar panel industry go some way towards recovering.
