An energy expert is advising property owners not to use a scheme where firms offer to ‘rent your roof’ to install solar panels.
The scheme gives homeowners the benefit of free electricity from the solar panels installed - but the companies running the schemes get all the other financial benefits.
Peter Bladen, Managing Director of solar panel firm BSOLAR in Lancashire said: “Homeowners should not to be tempted by the rent a roof schemes but should buy the solar panels upfront because the benefits will be much greater in the long run.
“With the latest government incentives, homeowners could earn a profit of more than 28K over 25 years, if they install their own panels.”
Rent a roof schemes have become extremely popular because there is no financial outlay from the homeowner and they get the benefit of the free electricity the panels provide. However the installer is pocketing the big profits.
Peter said: “On an average home, if you rent your roof out you’ll make £5,000 in 25 years, however if you buy solar panels you’ll get both free electricity and a regular annual income of at least a £1000 for the energy you generate.”
An average solar panel system costs around £10,000 to install and with the government incentive scheme called “Clean energy cash back,” panel owners are guaranteed 43.3p kwh for the energy the solar panels generate. This is guaranteed by the government for 25 years and goes up with inflation, as long as panels are installed before March 2012.
Peter said: “Because of the government incentive scheme, an average solar panel system will generate an annual income of at least £1000 a year and this doesn’t take into account the free electricity it generates during the day, which can be used by the homeowners without affecting their annual income.
“So over a 25 year period an average system will pay for itself can generate up to £28,000 in profit, so it makes sound financial sense to buy panels rather than rent your roof out!”
danny, east yorkshire around 6 months ago