siemens finance

[infinity]

Im looking at funding a commercial pv install through siemens finance (carbon trust) has anyone else used this? it seems straight forward enough.

 

[solarfred]

Yep I have been involved with CT. The issue is that PV does not strictly qualify for finance because it is not "saving energy" it generates energy. The main thrust of CT Finance was for energy saving devices including LED and low energy freezers for example. You need to produce a database to show the savings for each product and submit this with your application. You need to be LTD and have 3 years accounts to be considered as a supplier. They will consider PV but you may need to be including other disciplines to get the deal, I am not sure as depends who you talk to!

 

[Gavin A]

are you sure you're talking about siemens there Fred? Sounds more like the interest free CT set up before they switched to siemens finance with interest rates etc.

I'm pretty sure there are 2 routes into siemens finance, one that involves you as the supplier being registered and able to offer the finance directly, which would involve the need to have your finances assessed, the other simply being for the customer to apply for the finance directly.

It's been a few months since I spoke with them about it though.

 

[infinity]

Yes your correct Gavin, It can be the customer that has all the credit checks etc.

When i spoke to them they said the Pv should fine as long as the payback is within 7 years. im thinking of adding voltage optimisation as well which is over £6k

would just be good if i kner of anyone else that had used them so i knew it was what it said on the tin so to speak.

 

[solarfred]

Sorry I forgot about the fact you also need a CCL as a supplier. If you don't then the customer can apply directly to CT and they use their own CCL to do the finance. However when I applied and found out after preparing all the database,doing the survey and doing the applications I was finally told that I need to be a "supplier" as the money was paid to the "supplier". I was under the impression that as I needed to do the database and complete the survey and have all the details of the products it would not be viable to have the customer applying directly as all the technical questions from Siemens would need to come back to me so it just made the whole thing too complicated. Eventually I advised them the customer has now done the application form and is therefore applying direct so the finance can go direct to the customer/applicant and they will then pay me once the installation is done. IE. no credit risk on my part (I am not LTD). But no, the finance can ONLY be paid to an official "supplier" and not to the customer. I was both supplier and installer but apparently the finance goes to the "equipment supplier" no matter what and they must be a qualified supplier. So at that point I gave up the fight and the customer didn't bother with finance.
There are several million £'s in the pot for this scheme but it is not designed for small business being a government scheme. If you need confirmation speak to
Siemens Financial Services
Internal Account Executive
Sefton Park, Bells Hill, Stoke Poges,
Buckinghamshire, SL2 4JS
Tel +44 1753 434 495
Fax +44 1753 434 499
[email protected]
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Good luck!