Solar Power World

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Solar panel loans will soon be available to homeowners in the UK.  These loans will be used to cover the high costs of renewable energy. This became available because of a report that stated solar panels typically cost up to £12,000 to install yet take decades to pay for themselves in energy savings.

Starting in April, homeowners who generate electricity from domestic solar panels and wind turbines will be paid hundreds of pounds a year by the Government. The “feed-in tariff”, funded by a levy on home fuel bills, will give householders a much greater guaranteed income with which to repay their loan. A senior figure in the renewable energy industry said that several high-street lenders had had discussions about the introduction of new loans in recent months, and predicted they would be launched to coincide with the start of the feed-in tariff. It is hoped the loans will increase the take-up of green power in the UK.

Under the feed-in tariff, people who generate electricity via photovoltaic solar panels, wind turbines, hydro power or anaerobic digestion will receive up to 36p per kW/h of electricity, even if they use the power in their homes rather than feed it into the national grid. An extra 6p will be paid for every unit supplied to the grid.

www.independent.co.uk