A new low-interest loan of up to £1m has been launched for large-scale solar investments. It will allow commercial building owners and facility managers to invest in a solar electric system with “minimal” upfront costs to ease the effect of rising energy prices.
SolarLoan has been introduced by Engensa which said it represents a new option for businesses which want to invest in their properties and cut energy expenditures but which have been held back by prohibitive initial costs.
Eligible businesses can buy a large-scale rooftop solar PV system up to £1m in value and benefit from both Feed-In Tariff payments and immediate reductions in energy bills. The ‘pay-as-you-save’ loan is repaid over a 10-year period and the APR on the loan starts from around 6% and varies based on company turnover and trading history. Until now, finance has been limited to a small number of local authority-backed programmes or ‘free solar’ schemes that require businesses to lease their roof space and give up income from the Feed-in Tariff.