While more and more people are considering solar panels to help them combat the scourge of out of control electricity bills the unfortunate reality is that not everyone who could benefit from them can afford to have them installed. Solar panels after all, are not free. Or are they?
It turns out if that if you are unable to pay the installation costs of solar panels there are more than a few companies out there willing to install them for nothing. That’s right. They’ll install solar panels on your home for free. All they typically ask is that you allow them to share in the Feed in Tariff (FIT) payment you’ll enjoy from having the panels on your house, such as our home solar panels.
Pros - There is no free lunch in this world but there are free solar panels. When you weigh all the benefits you’ll get from having solar panels on your roof sharing the FIT does not seem like such a big deal. After all the typical homeowner will still save up to 40% on their electricity bill every month and you’ll be doing your part to slow the effects of climate change by cutting back on power generated from fossil fuels.
Cons - Of course everything has a downside as well as an upside and the downside to free solar is that, first of all, you lose that Feed in Tariff income. Also, you may have to sign on to a long term deal. Maybe longer than you’re comfortable with. In addition it’s not a given that these solar panels will enhance your home’s value since they are, after all, the property of the company that installed them. You may also lose the panels if the company that installed them goes out of business.
Once you weigh the pros and cons you’ll see that it’s really a kind of no-lose situation. After all, even if the company that installed them goes under after a few years and they take the panels back you will still have enjoyed several years of lower electricity bills for nothing. How can that be a bad thing? While it would be preferable to pay for your own solar panels allowing a company to install free panels on your roof will provide undeniable benefits you wouldn’t be able to enjoy without them.
In any industry there are those who would try and take advantage of the unsuspecting. The solar industry is no different. You can prevent this by taking the time to inspect the contract carefully before signing. If, for instance, it states you’ll need to get permission from the company that owns the panels before selling your house you may want to say “No thanks”. You’ll also want to pass if there are any hidden fees connected to the installation.
Free solar panels can be a boon to those struggling to pay the monthly electric bill. But, as with all things, you need to proceed with caution. Give us a call to find out more.
