More households will be able to start producing renewable electricity on-site, and selling excess back to the grid.
A new partnership between Good Energy and Zopa Bank has been announced, allowing homeowners to pay just 25% of the total price of new solar panels and spread the remainder over five, seven, eight or 10 years. Interest is charged at 9.9% APR representative.
The offer comes just after new research has shown more than half of UK adults have more interest in switching to solar power than they did 12 month ago because of geopolitical instability, the Middle East oil crisis, and the impact on energy prices. Energy independence is a key motivator, followed by long term savings on bills.
However, affordability has long-been a significant barrier for many, and this challenge is only getting more apparent. Although the cost of manufacturing and installation has been falling in real terms, inflationary pressures on everyday purchases means many people feel the have less money to play with and much less to spend on non-essentials. This is despite the fact that over the course of a decade, they would stand to save more money than it cost to switch to solar panels.
‘For many customers, the challenge isn’t whether they want solar; it’s finding a way to manage the upfront cost. By partnering with Zopa, we’re making it easier for more homeowners to spread the cost – which will open up an opportunity for thousands more to start benefiting from home-grown renewable energy,’ said Carl Hogg, Managing Director at Good Energy Services.
Image: Vivint Solar / Unsplash
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