Solar for Pensioners - Bought Using Loan - Is it worth it?

[Trimglafix]

Further to my recent thread:

Will a Solar PV install payback sufficiently for pensioners when bought with a loan?
I know without a loan the payback could be within 10 years (i.e before customer reaches age of 76). If a loan is factored in though this will push payback to sometime in their eighties. The fact a loan is needed shows finances do not allow casual spending, so is it really worth it?
As pensioners who are at home a lot they will benefit from being able to maximise the 'free' electricity, which gives a nice feeling, but other than that I can't see it being beneficial. When payback doesn't come until your 80's the benefits seem moot.
I'm not asking for hard figures, just opinions from people who are in the same situation or installers that maybe feel the benefits are better than I anticipate. Do you think eventually we will all end up with solar panels & we are just going through the process now of getting money from people who can pay (early adopters), before we all end up paying through our taxes for everybody else?

Thanks for reading.

Extra Info:Small South facing angled elevation (6 panels possible). East & West larger angled elevation (8 panels possible each side). Therefore not a candidate for free panels nor likely to get best possible returns.

 

[Worcester]

No

They would be better off investing in insulation, an efficient boiler, and super smart (easy to use) heating controls, not the c***p hive system from BG.

Go for the Honeywell Evohome system, it will pay back very quickly.

Quote from one of my customers:

I must say I'm really impressed with the EvoHome. I think the most useful aspect of it is the ability to leave the heating on all the time, but set to a basal level. I've been getting in late at night, going in the lounge and just boosting that room - it shuts itself off when the prescribed temperature is reached. Previously I'd have had to have switched on the whole heating system, then gone around all the other rooms switching off the rads, just to switch on the one which was required - not practical! I think it'll be even better when the temperatures drop and it doesn't allow the house temperature to drop too low at night

 

[Gavin A]

are they still talking to that rip off company?

why?

Panels can be worthwhile for pensioners, but payback times for sensibly priced systems should be much lower than 10 years in most cases, particularly as they will usually be using more energy in the daytime than those who're out working.

As for the loan.... well, if the income genuinely does more than meet the repayments, then maybe, if they don't have the money themselves to invest, but they need an honest assessment of this to be sure, and there needs to be a good margin of error to make sure they don't get caught out by a bad year or something.

ps I guarantee that my big toe knows more about solar PV than the salesman your friends have been talking to.

pps 6 south + 8 east or west x 280Wp panels = 3920Wp, and should be very viable with relatively low cost 280Wp panels now available.

 

[Trimglafix]

No Gavin, they are not still talking to Mainframe! They did take the advice given. they are just waiting on the return of the deposit to completely finalise that saga.

Their position now is to decide whether to obtain further quotes or just drop the idea for now. It is now a question of whether the loan part of it still allows a Solar PV install to still be financially beneficial to them.
"Worcester" believes not, but you believe it will.
Thank you for your calculations & advice to look at 280W panels as opposed to the more common 250W ones.

 

[Gavin A]

I didn't say it will be, I said it could be. The figures would need to be run to see if it was or not.

 

[telectrix]

i will probably get slated for this but hey ho. it might be worth their while considering free solar. they get the system for nothing. have the benefit of the generation that they use, but the installation company get the FIT ( think it's from 10 -20 years, but not sure).

 

[oldsalty]

i will probably get slated for this but hey ho. it might be worth their while considering free solar. they get the system for nothing. have the benefit of the generation that they use, but the installation company get the FIT ( think it's from 10 -20 years, but not sure).

If if they own the property they should look at friends or family to fund the installation. The FiT would go to the funder with generation - especially since they are at home all day - cutting their leccy costs quite considerably. For the funder it is MUCH better than having money in the bank. Already have my own and sons houses covered (no mortgages) and Offered to fund install for other members of our family - I have some spare cash (enough to fund 2 or 3 installs) - but sadly all of them on mortgages so too difficult!

 

[Trimglafix]

If if they own the property they should look at friends or family to fund the installation. The FiT would go to the funder with generation - especially since they are at home all day - cutting their leccy costs quite considerably. For the funder it is MUCH better than having money in the bank.

I like this idea. I will put that to them if they have not read it already.
Thanks.

 

[Sunshine777]

If if they own the property they should look at friends or family to fund the installation. The FiT would go to the funder with generation - especially since they are at home all day - cutting their leccy costs quite considerably. For the funder it is MUCH better than having money in the bank. Already have my own and sons houses covered (no mortgages) and Offered to fund install for other members of our family - I have some spare cash (enough to fund 2 or 3 installs) - but sadly all of them on mortgages so too difficult!

Just curious - have you put some sort of contract into place on these other installs?

 

[oldsalty]

Just curious - have you put some sort of contract into place on these other installs?

Hi, apologies for tardy reply - tied up changing my conservatory roof from glass to Guardian tiled system after it started letting water in. As I said, we weren't able to help any other members of the family because they still have mortgages and that invokes all sorts of legal problems as, indeed, 'rent a roof' organisations are now getting into.