Installed solar before 2012? You can get ‘cash back’

A solar firm has partnered with an investment company to launch £10 million in green cashback payments for households. ShareSolar and Abundance’s scheme allows householders who installed solar panels before April […]

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By Jacqueline Echevarria

A solar firm has partnered with an investment company to launch £10 million in green cashback payments for households.

ShareSolar and Abundance’s scheme allows householders who installed solar panels before April 2012 to convert their future Feed-in Tariff (FiT) payments into a single upfront payment, averaging around £11,000.

They will also continue to enjoy the green electricity generated free of charge, retain ownership of the panels and benefit from free ongoing maintenance of the equipment for the remaining FiT period.

The firms expect to raise between £400,000 and £1.3 million initially and will be open to more than 300,000 households across the UK that had solar panels installed before the FiT scheme was reduced fours years ago.

The project offers a long term income at a rate of 6.5% for investors with the option to cash out early without penalty.

Bruce Davis, Co-founder and joint MD of Abundance said: “This is a genuinely innovative way of creating a virtuous circle from domestic solar investment. The householders benefit from getting a cash sum upfront which they can then invest in battery technology, energy efficiency or maybe an electric car, while still enjoying all the benefits of free green electricity and keeping ownership of their panels.

“Investors benefit from a stable long term income at a rate better than any deposit account pays. It gives both sides a great deal – a real win win arrangement – while helping to give positive outcomes to all those supporting solar energy.”