Junior reporter, Solar Power Portal
Monthly installments start at £132.45 a month with no deposit and zero VAT. Image: ScottishPower 2kw Solar Inverter
The distribution network operator (DNO) for central and southern Scotland, ScottishPower, has announced the launch of consumer finance options for its battery storage and solar PV offering for the first time.
Consumers will be able to spread the cost of solar and battery storage installations over 3 to 5 years starting at £132.45 a month with no deposit or VAT.
Using standardised calculations from MCS (Microgeneration Certification Scheme), ScottishPower estimates that customers could save up to £1,237 a year on electricity bills if they switched to solar.
“Solar panels allow customers to generate their own electricity and get paid for any excess that can be exported, providing longer-term savings for our customers. As the UK moves towards net zero, decarbonising our homes is crucial to reduce the country’s overall carbon footprint,” said Andrew Ward, CEO of ScottishPower Retail.
The upfront cost of solar panels are a major barrier to consumers and there have been a number of schemes put in place to help manage these costs.
Earlier this month the UK government awarded £4.1 million in funding to 26 green finance projects, include those looking into helping mitigate the upfront cost of solar and battery storage.
Complete Solar System Only today, the Energy Security Secretary, Grant Shapps, announced that the government will consult revising VAT on battery storage when installed alongside rooftop solar to bolster a household’s capacity to access solar energy.