Engensa SolarLoan Now Available Without Upfront Costs
- Published: Thursday, 09 August 2012 09:08
Engensa, the UK's leading home energy company, has announced the availability of SolarLoan for UK homeowners. Initially unveiled in May 2012, homeowners can now sign up for SolarLoan to receive all the benefits of investing in solar without any of the upfront costs.
SolarLoan is an unsecured dedicated consumer loan of up to £50,000 at an APR of 7.9%. It can be paid back monthly over ten years or settled at any time during that period for no extra cost.
Unlike traditional 'Rent-a-Roof' or 'Free Solar' schemes, when homeowners go solar with SolarLoan, the system will be the homeowner's property outright from day one. As such, it is an investment in their property, and avoids any requirements for mortgage consent. This means too that the homeowner will be eligible to collect the government Feed-in Tariff (FIT) payments, which are not available when homeowners go solar through ‘Rent-a-Roof’ schemes.
This enables homeowners to “Pay-as-you-Save” for their solar PV system out of full FIT payments and savings from their energy bills.
Even at the new August FIT rate of 16p/kWh most families will make money – generating more in savings and FIT payments than their loan repayments from Day One and will receive the financial benefit in its entirety once the loan is paid off.
Unlike restricted "Rent-a-Roof" schemes, homeowners can choose any size or type of solar technology product offered through Engensa’s chosen providers.
• Zero upfront payment - homeowners have a solar PV system fitted at their home for free - no payment whatsoever is required at installation
• Earn money from Day One - even whilst paying off the SolarLoan most families will see very attractive benefits from FIT payments and energy bill savings:
- Over 20 years a family can see returns of up to £20,000 all for an initial outlay of £0
- Homeowners can choose to repay an outstanding SolarLoan at any point up to 10 years
• Bespoke system choice - unlike "Rent-a-Roof" schemes, homeowners can choose any size or type of solar technology product offered through chosen providers
• No mortgage provider permission required - as the homeowner owns the system outright there is no need to secure permission for a lease from their mortgage company
SolarLoan is available from 1 August 2012 to homeowners south of Birmingham and will be available nationwide from 1 October 2012.
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