Ready to take the solar panel plunge? A free credit report can help you decide

Ready to take the solar panel plunge? A free credit report can help you decide

We all know going green is the right thing to do, but it’s not necessarily always the easy choice to make when it comes to financial restrictions. Luckily, there are options available that can open doors and help you to make positive changes in your life.

If you’ve been considering installing solar panels in your home you may be aware of the financial incentives for doing so. Although the rate has somewhat reduced in recent years, under feed in tariff schemes (FIT), UK homeowners who generate their own electricity and feed surplus back into the national grid receive payment for the energy they generate. It’s not just individuals who are being encouraged to make a greener choice either; this week it has been reported that legislators across The Pond are hoping to encourage more businesses to go green, with this article from MSN Money outlining plans to give bigger tax breaks as a reward for integrating solar technology into new buildings.

Getting started with solar panels

Research carried out by Imperial College London and published by the Guardian reveals the UK will need to encourage ten million more homeowners to fit solar panels to their roofs over the next six years, if the country is to meet renewable energy targets. So, what do you do if you can’t count on a tax break but would like to do your bit and earn some extra money in the process by harnessing photo-voltaic power? There are two main options: you can either purchase the solar panels yourself from a reputable firm or try and take advantage of ‘rent-a-roof’ schemes.

How can I buy my own solar panels?

Solar panels are not inexpensive, but they can add value to your home and provide benefit for the environment, not to mention saving your money on energy in the long term. If you’re unsure whether you can afford to dip into your savings or to take out a personal loan to help you fund this type of project, it’s worth applying for a free credit report. You can get your free credit report online, which will highlight any areas of concern before you commit to a big ticket purchase or decide to take out additional credit. According to the Energy Saving Trust, the average domestic solar panel system costs between £6,000 and £7,400 to install, so you need to be sure you can afford to take it out of your savings or that your repayments will be balanced by your future earnings.

What is rent a roof?

For those who can’t afford to purchase PV panels themselves, there is the option in some areas to rent your roof space to companies who will fit the panels for you. While the company will take any earnings made from feeding energy into the grid, they are also responsible for maintenance and you get the benefit of free electricity for your home. Plus, you will reduce your carbon footprint and do your bit for the advancement of renewable energy!

So, what do you think? Are you ready to take the solar panel plunge?

Leave a Reply