Solar Panel Finance

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Published on 30th November 2023

Solar Panel Financing

Solar panel financing can make solar energy a feasible, cost-effective choice for homeowners across the UK. 

With a plethora of financing options on the table, that often daunting, upfront cash splash required for solar panel installation is significantly eased, making the pathway to renewable energy a much smoother journey. 

Our mission here is to illuminate the world of solar panel financing in the UK, loading you up with the essential knowledge you'll need to select the best option for your unique needs. 

So, with us as your trusty guides, let's trek through the money maze of solar panel kits, exploring the opportunities it whisks up for a cleaner, greener tomorrow, shall we? 

According to Solar Trade Association UK, as of 2021, over a million homes in the UK are harnessing the power of the sun through solar panels.

That's a lot of people cashing in on the sunshine, eh?

So, how are they financing them? 

Let's find out...

Solar Panel Installation Process

Solar Panel Financing Options

Financing solar panels, you say? You're in luck, my friend! As it just so happens, you’ve got a fair few options - and I'm going to run you through them. Buckle up, you're in for a ride on the solar finance express! 

Solar Panel Financing

  • What it is: These are finance options specifically for financing solar panel purchases, with different payment plans available.
  • Pros: You own the system and may increase your home's value. According to research from the Energy Saving Trust, homes with solar panels are perceived as more valuable and are quicker to sell. (source: Energy Saving Trust).
  • Cons: There may be upfront costs, and you'll need to meet certain requirements to qualify.

Personal Loans

  • What it is: This is when you borrow money from a bank or lender to pay for your solar panels.
  • Pros: You can choose from different loan terms and interest rates, depending on what works best for you.
  • Cons: You'll need a good credit score and proof of income to get approved.

Deferred Payment Programs

  • What it is: Some companies offer programs where you can pay for your solar panels over time with little or no interest.
  • Pros: You can get your panels installed right away without having to pay upfront.
  • Cons: There may be long-term costs due to interest charges.

Here are some important things to think about when comparing financing options:

  1. Interest rates: Look at the rates offered by different lenders or companies to make sure you're getting a good deal.
  2. Repayment terms: Understand how long you'll have to pay back the loan and whether it fits with your financial goals.
  3. Eligibility requirements: Some financing options might have specific criteria like credit score, income level, or property ownership.
  4. Potential savings: Consider how much each option will cost you over time compared to how much money you'll save on energy.

A bit of thought here, and you'll be making a whip-smart decision in next to no time.


Solar Panel Installation Process

Best Solar Panel Financing Plans

Righto, so you're after some solar panels, are you? That's brilliant! Let's chat about financing, shall we? You see, it's all about finding those gems that not only deal in the reliable, but also throw in some competitive rates too. 

Glow Green

Glow Green offers a variety of finance options provided by Propensio specifically tailored for homeowners looking to invest in solar panels.

Benefits of choosing Glow Green

Here are some key advantages of financing your solar panels through Glow Green:

  • Personalised finance: They provide customised financing solutions based on individual needs and requirements.
  • Commitment to performance: By prioritising factors like shade, orientation, and pitch, Glow Green ensures that the solar panels are set up for optimal efficiency.
  • Efficient process: Their financing application process is streamlined and guided by experts who are well-versed in solar panel installations.

How to apply for financing with Glow Green

If you're interested in financing your solar panels through Glow Green, here's a step-by-step guide on how to get started:

  1. Initial consultation: Begin by scheduling an initial consultation with our team. During this discussion, you can share your financing goals and learn more about the available options.
  2. Assessment of requirements: Glow Green's experts will conduct a thorough evaluation to determine the most suitable financing package for you. They will consider factors like your energy consumption, property size, and long-term objectives.
  3. Clear communication: Throughout the application process, Glow Green ensures transparent communication so that you're always updated on the progress. This helps build trust and confidence in your chosen financing solution.
  4. Seamless integration: Once your application is approved, Glow Green will seamlessly integrate the financing into your overall solar panel installation plan. This means a smooth transition from planning to implementation.

With Glow Green, you can access reliable financial support that aligns with your solar energy goals while prioritising performance and customer satisfaction.

Solar Panel Installation Process

Example Finance Agreements

  • 2kW Solar Panel System Finance Plan (Example)
Finance OptionsPlan + TermDepositLoan AmountTotal Amount PayableInterest RateMonthly Payment
Personal Loan  120 mths    £422.67£3,804.00  £7,023.87          12.9%        £55.01          
Personal Loan  60 mths    £422.67£3,804.00  £5,522.67          12.9%        £85.00          
Personal Loan  36 mths    £422.67£3,804.00  £4,984.23          12.9%        £126.71        

Representative 12.9% APR (fixed)

  • 3kW Solar Panel System & Battery Storage Finance Plan (Example)
Finance OptionsPlan + TermDepositLoan AmountTotal Amount PayableInterest RateMonthly Payment
Personal Loan  120 mths    £728.35£6,555.14  £12,103.15          12.9%        £94.79          
Personal Loan  60 mths    £728.35£6,555.14  £9,516.55            12.9%        £146.47        
Personal Loan  36 mths    £728.35£6,555.14  £8,588.59            12.9%        £218.34        

Representative 12.9% APR (fixed)

  • 4kW Solar Panel System & Battery Storage Finance Plan (Example)
Finance OptionsPlan + TermDepositLoan AmountTotal Amount PayableInterest RateMonthly Payment
Personal Loan  120 mths    £872.56£7,853.06  £14,499.76          12.9%        £113.56        
Personal Loan  60 mths    £872.56£7,853.06  £11,400.76          12.9%        £175.47        
Buy Now Pay Later120 mths£872.56£7,853.06  £16,946.56          15.9%        £133.95**      

Representative 15.9% APR (fixed)

**With this facility the customer has 6 months from the installation date in which to pay back the amount of credit. If they do this there will be no other charges or interest. If this is not paid back within the 6 months then the customer begins making payments by Direct Debit over 120 months at a deferred interest rate of 15.9% APR (interest will have accrued over the 6 months and will be added on).

  • 5kW Solar Panel System & Battery Storage Finance Plan (Example)
Finance OptionsPlan + TermDepositLoan AmountTotal Amount PayableInterest RateMonthly Payment
Personal Loan  120 mths    £930.00£8,369.99  £15,453.60          12.9%        £121.03        
Personal Loan  60 mths    £930.00£8,369.99  £12,151.20          12.9%        £187.02        
Buy Now Pay Later120 mths£930.00£8,369.99  £18,062.40          15.9%        £142.77**      

Representative 15.9% APR (fixed)

**With this facility the customer has 6 months from the installation date in which to pay back the amount of credit. If they do this there will be no other charges or interest. If this is not paid back within the 6 months then the customer begins making payments by Direct Debit over 120 months at a deferred interest rate of 15.9% APR (interest will have accrued over the 6 months and will be added on).

  • 6kW Solar Panel System & Battery Storage Finance Plan (Example)
Finance OptionsPlan + TermDepositLoan AmountTotal Amount PayableInterest RateMonthly Payment
Personal Loan  120 mths    £1,200.00£10,799.99£19,940.4012.9%£156.17
Personal Loan  60 mths    £1,200.00£10,799.99£15,678.6012.9%£241.31
Buy Now Pay Later120 mths£1,200.00£10,799.99£23,306.4015.9%£184.22**

Representative 12.9% APR (fixed)

**With this facility the customer has 6 months from the installation date in which to pay back the amount of credit. If they do this there will be no other charges or interest. If this is not paid back within the 6 months then the customer begins making payments by Direct Debit over 120 months at a deferred interest rate of 15.9% APR (interest will have accrued over the 6 months and will be added on).


Solar Panel Financing for Residential Properties

When deciding on solar panel financing, here are some factors to keep in mind based on your project:

  • Assess the scale of your solar project as it directly influences the financing options available to you. Residential projects may qualify for specific incentives or rebates designed to encourage individual homeowners to invest in solar energy.

  • Consider any potential long-term savings you may achieve through reduced energy bills or increased property value.

  • Look into any local regulations or programs that support renewable energy initiatives for residential properties.


Solar Panel Installation Process

Securing Favourable Solar Panel Financing Terms

Need some no-nonsense tips for nabbing great solar panel financing terms in the UK? Well, you've come to the right place! By sticking to these guidelines, you'll not only boost your likelihood of clinching a cracking financing offer, but you'll also have the chops to barter for better terms. So, let's get stuck in and take a peek at the essential dos and don'ts, shall we?

Research different financing options

Understanding the merits and pitfalls of each option puts you in the driving seat to pinpoint the perfect match for your needs. 

Improve your credit score

A good credit score can significantly improve your chances of getting approved for favourable financing terms. Take steps to improve your credit score by paying off existing debts, making payments on time, and keeping your credit utilisation ratio low.

Shop around for competitive rates

C'mon, don't just grab hold of the first financing deal that crosses your path—be a savvy buyer! Have a mooch around—compare rates from various lenders or solar installers to make sure you're bagging the best bargain out there.

Working with a reputable provider

Choose a reputable provider that has a track record of offering reliable and transparent financing solutions. Look for customer reviews, testimonials, and accreditations to ensure you are working with a trusted partner.

Terms and conditions

Before signing any financing agreement, carefully review the terms and conditions. Pay attention to factors such as interest rates, repayment terms, eligibility requirements, and any potential hidden fees or charges.

Utilise available incentives

Take advantage of any available incentives or tax credits that can help reduce the overall cost of your solar panel installation. This can make financing more affordable in the long run.

Seek professional advice

If you feel overwhelmed by the financing process, consider seeking advice from a financial advisor or solar energy professional who can guide you through the decision-making process.

Landing a nifty deal on solar panel financing is all about paying keen attention and weighing up your options. Don't be diving head-first into a plan without considering your financial goals and what you're hoping to save in the long run. Trust me, you'll thank yourself later!


Solar Panel Financing FAQ


Will installing solar panels increase my property value?

Multiple studies show UK properties sporting solar panels can command anywhere between an astounding 5%-25% increase in value. That ain't peanuts, is it? source


What are the maintenance costs associated with solar panels?

Your main jobs here and there, are calling in the professionals for a bit of a clean-up and making sure the system hasn't decided to go off on holiday.

Most of the best solar panel installers will back their products and services with warranties that cover any hiccup or shenanigans, and that takes the bite out of any long-term wallet worries.


Is the financing agreement transferable if I sell my property?

The transferability of financing agreements varies depending on the type of financing. With owned systems, transferring the agreement typically involves a straightforward process.


What happens if the solar panel system doesn't perform as expected?

In cases where the system underperforms, warranties may cover repair or replacement costs. It's important to review warranty terms and understand what is included in the event of suboptimal performance.