Solar Panel Megathread

[solarlady]

Hi all,

just joined the forum and am looking at installing solar panel system and would be grateful for any installer recommendations, thanks in advance.

 

Hi Cliffie

 

Welcome to the forum, i am sure you will find a lot of information on the mega thread!

 

I have just PMd you, so if you would like further information then please let me know.

 

Kind regards

 

Victoria

[minetiger]

I would think mortgage companies can refuse a loan on any basis they want.

 

 

How solar panels can dim mortgage prospects

One couple signed up for a PV installation in their roof – then found the 25-year lease made it hard to remortgage their home, despite official guidelines

 

Thousands of households that agreed to rent their roofs to solar panel companies, in return for free electricity, could find their properties are unsaleable. It has emerged that lenders have begun turning down mortgage applications from homeowners who signed up to the schemes.

 

you may not be able to remortgage property due to the fact that if solar panels are taken on a loan the finance company will put an charge on the property for the price of the loan. A company that installs your solar panels for free will also put a charge on your property for the amount the panels cost until the end of the contract term.

 

so if the property is repossesed the charge is taken from any monies left after the mortgage has been paid back on sale of the property.

 

A remortgage would then become a 2nd charge so would only be repaid if there was any money left from the sale when both the mortgage and the charge has been paid back there by making it very risky for the mortgage company to lend money on. This is why most companies will not place a second charge on the property.

 

 

You also would not be able to sell your property without paying off the charge, so you would either need to sell your property for enough to pay both the mortgage and the charge on the property or pay off the charge before selling the property. if you can not pay the charge either from your pocket or the sale of the property then this would make the property unsaleable not un mortgageable

 

if you wanted to do a complete re mortgage e.g. with a different company to which you are with at the moment you would have to pay off the charge before the new mortgage could be applied.

[johncavill@t]

has anyone considered what effect these panels have on your roof over 25 years,

extra weight which ra roof is not designed to carry, do any of the solar companies stregthen your roof? i doubt it

[dongle]

Not true, you can't be refused a mortgage purely based on having free solar panels as long as it was approved by the mortgage company to which they are on and all the paperwork and installation are correct, it's just a myth that it's hard to sell or you can't get a mortgage ect.

Unless you have evidence otherwise?

Most reputable companies will even offer to buy your property at full market value if a potential purchaser can't obtain a mortgage due to the panels.

 

 

 

 

 

you may not be able to remortgage property due

 

 

 

 

to the fact that if solar panels are taken on a loan the finance company will put an charge on the property for the price of the loan. A company that installs your solar panels for free will also put a charge on your property for the amount the panels cost until the end of the contract term.

 

so if the property is repossesed the charge is taken from any monies left after the mortgage has been paid back on sale of the property.

 

A remortgage would then become a 2nd charge so would only be repaid if there was any money left from the sale when both the mortgage and the charge has been paid back there by making it very risky for the mortgage company to lend money on. This is why most companies will not place a second charge on the property.

 

 

You also would not be able to sell your property without paying off the charge, so you would either need to sell your property for enough to pay both the mortgage and the charge on the property or pay off the charge before selling the property. if you can not pay the charge either from your pocket or the sale of the property then this would make the property unsaleable not un mortgageable

 

if you wanted to do a complete re mortgage e.g. with a different company to which you are with at the moment you would have to pay off the charge before the new mortgage could be applied.

 

---------- Post added 02-05-2014 at 15:30 ----------

 

has anyone considered what effect these panels have on your roof over 25 years,

extra weight which ra roof is not designed to carry, do any of the solar companies stregthen your roof? i doubt it[/quote

 

They have to carry out a structural survey before work commences, all work needs to be correct as when you come to sell you will need evidence that it meets the correct standards.

[Cyclone]

you may not be able to remortgage property due to the fact that if solar panels are taken on a loan the finance company will put an charge on the property for the price of the loan. A company that installs your solar panels for free will also put a charge on your property for the amount the panels cost until the end of the contract term.

 

so if the property is repossesed the charge is taken from any monies left after the mortgage has been paid back on sale of the property.

 

A remortgage would then become a 2nd charge so would only be repaid if there was any money left from the sale when both the mortgage and the charge has been paid back there by making it very risky for the mortgage company to lend money on. This is why most companies will not place a second charge on the property.

 

 

You also would not be able to sell your property without paying off the charge, so you would either need to sell your property for enough to pay both the mortgage and the charge on the property or pay off the charge before selling the property. if you can not pay the charge either from your pocket or the sale of the property then this would make the property unsaleable not un mortgageable

 

if you wanted to do a complete re mortgage e.g. with a different company to which you are with at the moment you would have to pay off the charge before the new mortgage could be applied.

 

Why would a loan for solar panels require a charge against the property, it's just like any other loan, it could be unsecured, as most personal loans are.

I could be wrong, but a charge can't be placed against the property without your agreement, and leasing part of your property out would not normally come with any such agreement to allow a charge to be placed (and a charge is to secure a debt, so how could it even BE placed for the purposes of a leased roof)...

[solarlady]

has anyone considered what effect these panels have on your roof over 25 years,

extra weight which ra roof is not designed to carry, do any of the solar companies stregthen your roof? i doubt it

 

As part of a survey we, as should any reputable company, look in the roof space, take measurements of the supporting structure and take note of any wear and tear. This is then used to carry out wind uplift and roof loading calculations to determine whether the roof is suitable or not for the weight of the panels.

 

If there is any doubt then the MCS guidelines (our ruling body) stipulate that we must consult with a structural engineer.

 

We have walked away from jobs where the roof structure has been less than adequate and the client didn't want the extra expense of strengthening the roof - it was a big job to be fair and he was half way through renovating it into a bedroom!

[catpus]

Are you aware that anything that you use other than what you generate you have to pay a higher premium for?

I haven't got the figures on me at the moment but when I looked into it, I would have had nine panels, and the fridge and freezer alone used up most of what I would have generated per hour. Add to that the washer, cooker, kettle, shower, bathroom extractor, TV, computer, iron, lights, radio, house alarm, mower, etc. The panels do not accumulate credit like storage heaters. Add on the cost to install, and the fact that you will not be able to sell your house if there are any outstanding charges which there will be if it is a 'free' system because they 'rent' your roof?

All in all - unless you have about thirty panels, it is not worth the hassle, and will save you nothing.

Don't be fooled.... there is a lot of big money in these schemes, and it will be yours, going to someone else.

[Bonzo77]

Whatever you do, just stay away from The Big Green Company. They're nothing but old style double glazing salesmen.

 

They won't leave your house without a fight and they tell you blatant lies in order to get their business. All their sales staff work on a commission only basis, which makes them behave in a desperate manner.

 

Just a warning! I had them round and I had to almost physically remove them. Horrible people, horrible company!

[solarlady]

and the fact that you will not be able to sell your house if there are any outstanding charges which there will be if it is a 'free' system because they 'rent' your roof?

 

Just to add a bit of balance to this statement, anyone thinking about entering into a contract for free solar panels should ensure that the contract meets the recommendations of the Council of Mortgage Lenders and that you engage with your mortgage lender as soon as possible.

 

More information is available on the attached link http://www.cml.org.uk/cml/publications/newsandviews/110/412

 

As regards paying a higher rate for electricity that you use from the grid - none of our customers have reported that their rates have increased as a direct result of them having a panel installation (paid for, we don't offer free).

[swrtaer]

Hi,

 

I have a major wiring rework going on in my home and my electrician is recommending solarimmersion with my 2 kw immersion tank. Is solar PV load controller switch reliable?

 

Thanks