Green Deal Finance Towards Solar PV

28 March 2013

Householders will be able to finance the installation of Solar PV Panels through funding being made available under the Green Deal.

The Department of Energy and Climate Change (DECC) – the body responsible for the Government’s energy efficiency scheme – has confirmed that those wishing to install Photovoltaic (PV) systems can apply for at least part-finance from the Green Deal Finance Company (GDFC).

The amount each household can borrow from the GDFC will vary on a case-to-case basis and be dependent on how much an electricity bill is likely to be reduced. DECC has confirmed that those householders that do not qualify for a full loan can still use the scheme to finance part of the cost of installation.

It is hoped that this further financial assistance will increase the number of householders that choose to install solar PV systems.

In addition to Solar PV, the Green Deal will also provide some financial assistance to those looking to install wind power and micro combined heat and power (micro CHP) systems.

The Potential for Further Savings

Although solar PV is now eligible for financial support under the terms of the Green Deal, the process of installation still remains costly. For householders to make the most of potential savings, it is recommended that other energy efficiency improvements are sought out in addition.

Such improvements include: Cavity Wall Insulation, Loft Insulation, and Solid Wall Insulation.

Cavity Wall Insulation is recognised as one of the least expensive improvements that can be made to a property. Estimated to save up to £140 per year, Cavity Wall Insulation can be installed in less than a day and those installing it under the scheme are eligible for a cashback payment of £250.

For properties built before 1924, Solid Wall Insulation can also cut the cost of electricity bills. As with Cavity Wall Insulation, Solid Wall Insulation is also eligible for cashback against the Green Deal scheme. The current cashback amount for Solid Wall Insulation stands at £650.

With 25% of energy lost through the roof, Loft Insulation is one of the most effective ways of keeping a house warm. It has been estimated that £180 per year can be saved by installing Loft Insulation. A Green Deal cashback incentive of £100 is available.

Coupled with improvements to insulation, Solar PV has the potential to seriously cut electricity bills, especially with some upfront finance available.

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