Lightsource Renewable Energy plans to invest £600 million in the next five years to buy solar arrays from householders and businesses.

That will be in return for the transfer of their Feed-in Tariff (FiT) payment, with consumers receiving an upfront lump sum and continuing to receive the free energy generated by their systems.

In addition, Lightsource will take on the operations and maintenance of the system for the remainder of the FiT period.

The project is part of the its plans to continue the growth of its commercial and residential rooftop solar portfolio.

It has so far acquired more than 1,000 installations, with a capacity of around 2.25MW, across the UK under the buyback scheme.

Lightsource is particularly interested in buying solar systems that were installed before April 2012.

CEO Nick Boyle said: “Our buyback scheme offers early adopters the chance to realise an immediate substantial return on their investment today with the added benefit of continued free solar electricity.

“For Lightsource and the energy industry as a whole, I can see huge changes happening in the future, as technologies across solar and IT combine to create genuinely smart homes and businesses. These technologies are already changing the way that we live and work – and the application of energy management systems and batteries will revolutionise the energy industry making it cheaper and cleaner for everyone.”

The company provided solar power for the all-electric Formula E finale earlier this year and invested in Europe’s largest floating solar array in London.