Really interesting to see a real example of how it will work, although I doubt they will use 100% of what they generate but I guess if they can use half and the Fit pays for the funding, then apart from the potential inverter replacement, it's just about covered. In the North we've just about hit SAP this year because of the poor summer, but it does prove that it can be done. Out of interest how much more does the customer end up paying for the solar system and where does the cost of the admin, survey etc come into the funding equation?
Just used the loan repayment calculator on the Money Guardian website - came up with this, does this sound right??
mt# Balance Interest Principal Payment
1 4,200.00 24.50 8.06 32.56
2 4,191.93 24.45 8.11 32.56
3 4,183.83 24.41 8.16 32.56
4 4,175.67 24.36 8.19 32.56
5 4,167.47 24.31 8.25 32.56
6 4,159.21 24.26 8.30 32.56
7 4,150.91 24.21 8.35 32.56
8 4,142.56 24.16 8.40 32.56
9 4,134.17 24.12 8.44 32.56
236 160.00 0.93 31.63 32.56
237 128.37 0.75 31.81 32.56
238 96.56 0.56 32.00 32.56
239 64.56 0.38 32.19 32.56
240 32.36 0.19 32.36 32.56
Total Interest paid - £3,615.01
20 year loan @ 7%
