Engensa Introduces Dedicated SolarLoans of up to £1million for UK Businesses
- Published: Tuesday, 04 September 2012 09:30
Engensa, the UK’s leading renewable energy company, today announces the launch of SolarLoan for businesses, the first dedicated, low-interest loan of up to £1m for large scale solar investments.
Now, UK commercial building owners and facility managers can invest in a solar electric system with minimal upfront costs to alleviate the costs of rising energy prices and invest in their building.
SolarLoan represents a new option for businesses to invest in their property and cut energy expenditures but until now have been held back by prohibitive upfront costs. Eligible businesses can buy a large-scale rooftop solar PV system up to £1million value, and benefit from both Feed-In Tariff (FIT) payments and immediate reductions in energy bills. The “Pay-as-you-Save” loan is repaid over a 10 year period and the APR on the loan starts from around 6% and varies based on company turnover and trading history.
Until now, finance has been limited to a small number of local authority-backed programmes or “Free Solar” schemes that require businesses to lease their roofspace and give up income from the Feed-in Tariff. With SolarLoan, the building owner owns the system outright and takes all the financial benefits from day one.
“In an environment where businesses are struggling to raise finance and cut operational costs, it is a no-brainer to consider solar right now,” said Toby Darbyshire, Engensa CEO. “Forward thinking businesses are naturally looking at energy costs over the long term and investing in solar without tying up significant upfront costs makes real sense.”
Most businesses will see immediate benefit from their investment with a typical 150kWp system generating £789k income over 20 years against total loan repayment costs of just £296k.
Additional benefits of SolarLoan for farms include:
• Minimal upfront payment – businesses can invest in a commercial-scale solar PV system with deposit payments as low as 10%
• Highly attractive investment returns – even whilst paying off the SolarLoan, most business owners will see attractive savings and after the SolarLoan has been paid off, they receive the full benefit of the FIT income and energy savings equalling profits in excess of £490,000 on a relatively modest 150kWp system
• Full ownership – the PV system, once installed with a SolarLoan, is the commercial building owner’s property outright, unlike traditional ‘Rent-a-Roof’ or ‘Free Solar’ schemes
Engensa’s SolarLoan for businesses is available now for commercial building owners in the UK. To qualify for a SolarLoan, businesses must have over £10m revenue and three years stable trading history.
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