Finance
We understand that investing in renewable energy can be expensive initially with the benefits showing themselves in future savings, grants and added value to properties, that’s why we’ve partnered with companies like Hiber in order to offer competitive finance to fill the gap between the cost of installing renewable tech and what is affordable to you. Talk to us about how we can help.
For Solar PV and Battery Storage
Previously there was a government backed feed in tariff offering a generous amount of money per kWh fed back to the grid, this scheme has since closed and has not been replaced. However, once you have a solar PV system installed by a MCS registered company such as us and the installation is registered with National Grid then there are a few companies offering a Smart Export Guarantee, allowing customers to be paid based on their export to the grid. Tariffs vary from 3.5 pence per kWh to 20 pence per kWh depending on supplier, location and tariff.
While there may no longer be a decent feed in tariff, both Solar PV and battery storage systems to benefit from a reduced rate of VAT.
For Heat Pumps
One of the major barriers to installing more heat pumps is the current cost of the equipment as well as the upgrade works that are often necessary for our customers when installing a heat pump including radiator changes and new power supplies. There are a few things in place to help reduce the capital cost of the installation and make the transition to low carbon heating more affordable.
Firstly, the Boiler Upgrade Scheme was introduced in early 2023 to replace the Renewable Heat Incentive. The RHI scheme paid homeowners quarterly for a 7 year period in order to offset the cost of the heat pumps installation, but this did not address the issue of the capital cost of the install. As a result the Boiler Upgrade Scheme was introduced, offering £5,000 upfront to customers who meet eligibility criteria, later on in 2023 the amount was increased to £7,500 to encourage uptake in the scheme and counteract inflation and overall rising costs. Eligibility criteria includes an up to date EPC with no recommendations for loft insulation or cavity wall insulation, self builds, some new builds and renovations are eligible providing a valid EPC will be presented at the end of the project.
A further way in which the capital costs of installing a heat pump are reduced is the current rate of VAT. This is currently set to 0% and represents a great saving for homeowners and those doing renovations to their property.
