Thinktanks propose low-cost loans for home solar panels

financeJul 7, 202612108

The New Economics Foundation and the Finance Innovation Lab propose a Bank of England-backed low-interest loan scheme to fund rooftop solar plus batteries, saying installations cost about £6,000 and could be fitted on roughly 8 million UK homes. The thinktanks model loans available to households at about 2 percent interest by allowing the Bank of England to give commercial banks access to low- or no-interest funds on the condition they lend for solar installations. Households would save about £250 a year on average, with typical repayments around £45 a month offset by bill savings of about £66, and net savings lasting through 15 years of repayments and for the remaining life of panels. The proposal would require no direct government spending and could free up the Department for Energy Security and Net Zero’s roughly £15 billion Warm Homes Plan budget for other uses, Jesse Griffiths of the Finance Innovation Lab said. The thinktanks contrast this approach with the failed government-backed Green Deal, argue similar programs have succeeded in countries such as Japan and China, and note energy secretary Ed Miliband has long supported rooftop solar. The plan could recover repayments via energy bills in cooperation with suppliers or via banks if needed, and proponents say broad take-up is feasible because cheap loans remove the upfront cost barrier.

The Guardian

@theguardian.com

Low-cost loans for solar panels could save households hundreds on bills – thinktanks

843h ago

Saint Palermo3

Why should individuals have to go into debt to get rooftop solar when meanwhile the U.S. continues to heavily subsidize the fossil fuel industries? The U.S. needs to stop fossil fuel subsides and start subsidizing solar energy.

martinput1

The issue for many householder, is lack of capital and reluctance to take on debt. I have a suitable roof, and would allow an agency to rent it. In return, just a lower electricity bill. Such a scheme would open up many more roofs to development.

John1

Best thing i ever bought solar plus battery but cutting export rates is a right kick in the knackers.

Quoting this

DocGaby39

Günstige Kredite für Solaranlagen könnten Haushalten Hunderte bei den Stromrechnungen einsparen – Thinktanks

Ann Kempster2

We already have this in Wales? Also for windows/insulation/heat pumps etc. 0% loans. Maybe it's just England that needs to catch up. 🤷‍♀️

carlosamammal.bsky.social

@carlosamammal.bsky.social

Weird. Here in Australia we get a subsidy from the Govt. AND they have introduced interest free loans in order to get them. In effect- you continue to pay your electric bills, but the payments are paying off your solar panels and batteries.

9Yesterday

Bettina Struff #Woke #FBPE #FBPR #NHS #RejoinEU

@bettinastruff.bsky.social

www.theguardian.com/environment/... @josiahmortimer.bsky.social @georgemonbiot.bsky.social FYI @zackpolanski.bsky.social @carladenyer.bsky.social @rachelmillward.bsky.social @rozsavage.bsky.social @eddavey.libdems.org.uk can the Greens and LibDems press the government to go ahead with this?

52h ago

Clive Durdle

@evilceldrud.bsky.social

May I express confusion? Why treat energy as an individual household problem? Where are the local neighbourhood energy and mobility coops that forensically analyse all of a neighbourhood's needs, propose joined up solutions with appropriate finance, skills, etc? www.theguardian.com/environment/...

13h ago

Danny Sriskandarajah

@dhnnjyn.bsky.social

This is the sort of sensible, cost-effective approach that we need to drive down household energy costs and drive the green transition. Was great working with @thefinancelab.bsky.social on this www.theguardian.com/environment/...

33h ago

Tom Holbrook

@thomholbrook.bsky.social

This is cool – what if the Bank of England didnt just bail out banks and financial institutions, but used its might to change the weather? www.theguardian.com/environment/...

12h ago

Pineapple on Pizza 🇷🇪🇫🇷🇪🇺🇺🇳

@pineapplesonpizza.bsky.social

aye, many did... predatory loans that were just credited sales.. There's people still paying off their solar power installation from 10 years ago, waiting to see a profit.

2Yesterday

Andrew Bowden 🐀

@andrewbowden.me.uk

I've been thinking something like this should happen for years. It's such an obvious thing to do, costs the government next to nothing. I'm amazed it's not happened. You could easily do it with heat pumps too. www.theguardian.com/environment/...

13h ago

schmidt-ct

@jschm2681.bsky.social

In the middle of a heat wave, the Secy of Energy goes on an announces- it has rescinded over $83 billion in Biden-era clean energy loans and terminated hundreds of financial awards. also clawing back $13 billion in unobligated climate funds and ending federal subsidies for new wind and solar.

1Yesterday

Donnachadh McCarthy

@donnachadhmc.bsky.social

This is a no brainer. Low cost loans from BofE for solar/batteries. Payments via bills. 2 million homes already have solar. Rest must have it asap. 2 million EVs also now on roads. 30% of new car sales. We need 100% asap. Every gas boiler & petrol car is destroying our climate.

12h ago

Peter Bowden 🇬🇧 (It's A.I. not AI.)

@b31bowden.bsky.social

Why limit it to solar panels? Allow energy efficiency loans for Insulation, solar panels, heat pumps, Air Conditioning, EV charge points. Cost secured against the property. Saves the Government doing it, plus improves the housing stock. www.theguardian.com/environment/...

2h ago

alexander solsten

@solsten.bsky.social

That sounds like a regulatory problem to me, not an actual issue with integrated solar. Here it is all done through BC/Quebec Hydro etc and generally in the form of advantageous loans that pay for themselves after installation

19h ago

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theguardian.comLow-cost loans for solar panels could save households hundreds on bills – thinktanks

Thinktanks propose low-cost loans for home solar panelsfinance

Thinktanks propose low-cost loans for home solar panels

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