Engensa introduces ‘pay-as-you-save’ solar loans

Engensa has launched the SolarLoan which it says will allow homeowners to make money from solar PV without any upfront costs.

Engensa adds that SolarLoan is different from ‘rent-a-roof” schemes which also have no up front costs as the panels are owned by the homeowner from day one plus they will receive all of the Feed-in Tariff (FiT). Once the loan is paid off, all of the energy savings and FiT income will go directly to the homeowner.

“This is the next big step in UK solar,” said Engensa CEO Toby Darbyshire. “Not only can SolarLoan offer homeowners all the benefits of a highly attractive financial investment without any upfront cost, it reduces the impact of inevitably rising energy costs and boosts the home’s value.

“We are thrilled to offer a finance product that can benefit millions of UK homes, drive mass adoption of renewables, invigorate the solar industry and create jobs.”

He added: “SolarLoan financing underscores our commitment to innovation in both solar technology and business, to make solar energy easy and attainable for homeowners, independent of changing government policies.”

SolarLoan will be available initially to homeowners south of Birmingham from June before being rolled out nationwide in October.