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...
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!
Here are some important things to think about when comparing financing options:
A bit of thought here, and you'll be making a whip-smart decision in next to no time.
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 offers a variety of finance options provided by Propensio specifically tailored for homeowners looking to invest in solar panels.
Here are some key advantages of financing your solar panels through 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:
With Glow Green, you can access reliable financial support that aligns with your solar energy goals while prioritising performance and customer satisfaction.
Finance Options | Plan + Term | Deposit | Loan Amount | Total Amount Payable | Interest Rate | Monthly 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)
Finance Options | Plan + Term | Deposit | Loan Amount | Total Amount Payable | Interest Rate | Monthly 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)
Finance Options | Plan + Term | Deposit | Loan Amount | Total Amount Payable | Interest Rate | Monthly 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 Later | 120 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).
Finance Options | Plan + Term | Deposit | Loan Amount | Total Amount Payable | Interest Rate | Monthly 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 Later | 120 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).
Finance Options | Plan + Term | Deposit | Loan Amount | Total Amount Payable | Interest Rate | Monthly Payment |
---|---|---|---|---|---|---|
Personal Loan | 120 mths | £1,200.00 | £10,799.99 | £19,940.40 | 12.9% | £156.17 |
Personal Loan | 60 mths | £1,200.00 | £10,799.99 | £15,678.60 | 12.9% | £241.31 |
Buy Now Pay Later | 120 mths | £1,200.00 | £10,799.99 | £23,306.40 | 15.9% | £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).
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.
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?
Understanding the merits and pitfalls of each option puts you in the driving seat to pinpoint the perfect match for your needs.
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.
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.
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.
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.
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.
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!
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
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.
The transferability of financing agreements varies depending on the type of financing. With owned systems, transferring the agreement typically involves a straightforward process.
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.