Businesses offered million pound loans for solar panels

In these hard times of crunch, it’s often said how difficult it is for businesses to get loans – for whatever it is. But now firms are being offered loans […]

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By Vicky Ellis

In these hard times of crunch, it’s often said how difficult it is for businesses to get loans – for whatever it is.

But now firms are being offered loans of up to one million pounds to get solar panels for their properties, under a new scheme from renewable supplier Engensa.

The UK firm is launching SolarLoan for businesses which it says will help firms cut their energy bills while benefiting from the Feed-In Tariff (FIT) subsidy.

Unlike the common “rent-a-roof” schemes run by local authorities, says Engensa, panels installed with the SolarLoan scheme are the property of the building’s owner.

Toby Darbyshire, Engensa’s CEO said: “In an environment where businesses are struggling to raise finance and cut operational costs, it is a no-brainer to consider solar right now. 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.”

The loan is repaid over ten years with the solar panel system working for 20 years, with interest on the loan starting from 6% depending on firms’ turnover and trading history.

Businesses with a typical solar panel system of 150kWp could make nearly £500,000, according to the firm, by generating £789k income over 20 years against total loan repayment costs of just £296k.