It’s often said you get nothing for nothing so just what is the catch with free solar panels?
The best way of looking at it when getting free solar panels is that you are letting the solar panel companies use your roof and house to sell the electricity their panels generate to the energy companies.
The income they get from the energy companies far out-ways the costs of installing the solar panels which means they don’t mind installing them for free.
Something to bear in mind though, why get free solar panels installed and not benefit from all the electricity generated if paying to install them gives you a better long term income?
For anyone with savings, the money generated by solar panels can far out-way the interest you are receiving plus you are adding value to your property at the same time.
Those without the money to hand may find the better option is to take advantage of free solar panels, you won’t make so much from the long term sale of generated electricity but you will benefit from much reduced electricity bills.
It really is the case of weighing up the options carefully, ensuring you read the small print and deciding if you want solar panels as a money saving system or long term income generating system.
To give a very basic example, the typical house fitted with solar panels can generate an income of approx £1000 a year, the feed-in tariff payments are 25 years and lifespan of panels is 25 years.
Using the above example you will see that the typical solar panel installation can generate you £25,000 over 25 years. If you buy the panels yourself this money is yours if you have free solar panels installed the solar panel company retain this income.
With the average cost of solar panel installation being approx £12,000 you will see that they will pay for themselves after 12 years and the next 13 years they are generating you an income.
So why go for free solar panels ?
If you haven’t got the £12,000 up front you don’t have to save or borrow the money, depending on the solar panel company (read the small print) all maintenance and repair costs are paid, do you really want to be tied to the same property for 25 years?
The most important thing about free solar panels
Always read the terms and small print carefully, remember you are signing up for 25 years and there are high costs if you want to get out of contract for any reason. Check on maintenance conditions, check if you need planning permission (your responsibility not the installers), check your insurance policy, check with your mortgage provider, use a reliablr solar panel company