EQUITY RELEASE COULD HELP TO FUND SOLAR PANELS & REDUCE ENERGY BILLS

Carl Shave
25th March 2022

With energy costs hitting new highs and unlikely to peak in the near future, many of us are exploring the best ways to reduce our usage. Improving insulation is already on the agenda, but what about installing solar panels?

Once again, Checkatrade.com and Which? magazine are the ‘go to’ websites for guidance: Solar panels may be a worthwhile – rather expensive – investment, so decisions must be taken carefully on expert advice to ensure that installation would be value for money.

There are several different types of panel, which also vary in size, and energy efficiency.

Ideally, they should be sited on a south facing roof, which needs to be checked for suitability to sustain the weight, and fittings designed to ensure that they are not vulnerable to damage in strong winds. Panels can normally be installed in a single day.

Planning consent is not usually required, unless in a Conservation Area, but solar panels are prohibited on Listed buildings. If in doubt consult your local authority.

Most solar panels have an expected 25-year lifespan. However, you need to budget for any maintenance or regular cleaning. For example, bird droppings and removing leaves.

Solar panels don’t add value to a property. Their principal benefit is the expectation that they will reduce energy costs over the long term.

Prices vary, depending on the type of panel, and the number required so, as with any significant financial outlay, obtain 3 quotes from expert installers. With the cost of living on the rise, Equity Release could be the most suitable option to buy the panels and fund their installation.

As an alternative, it may also be worth exploring leasing schemes with your chosen installer and mortgage provider.

Our team at Premier Equity Release can assist with the most appropriate funding options to suit your individual financial circumstances, based on initial quotations.