If you have the capital available and you wish to invest you can make a generous profit with the Feed-in Tariff. You can earn up to £13,000 over 20 years with a 3kW system. That is a healthy income of £450 per year and savings of £200 on your electricity bills.
Take out a loan to cover the cost
If you don’t have the capital then the second option is to get a loan to pay for them. This method will allow for a longer term investment but will still offer significant financial reward and offer the comfort of protection from rising energy costs. The loan and cost of the system should break even around the 10 year mark, offering a further 10 years of income and savings.
This option for free solar panels is available to those people who either cannot take out a loan or don’t want to pay the high upfront costs associated with the initial purchase of the system. The maintenance costs are taken care of, but you will not receive any of the FIT payments for the 20 year period. You will however benefit from all the electricity they generate and if your home uses a reasonable amount of electricity during the day, then you will realise these benefits with up to a 50% reduction in your electricity bill.
The Green Deal is a government run financing scheme that has been set up to help you make energy saving improvements to your home or work place. It enables you to make these energy saving improvements without having to pay for it all upfront.