Making renewable technology affordable for everyone
The main barrier to most businesses and households installing renewable energy technology is the capital cost of the system itself. Depending on the technology chosen, the initial cost even for an entry-level system can range from £4,800 for solar thermal heating to £20,000 for a single wind turbine .1
Government funding incentives
To help the UK meet its carbon reduction targets, the Government has set up incentive schemes to cover the cost of installing renewable energy systems and to provide an income for anyone generating their own renewable energy. These schemes include the Feed-In Tariff (FIT) for electricity generation technologies and the Renewable Heat Incentive (RHI) for heating systems. FIT payments are guaranteed for 25 years while RHI payments are provided for 20 years. These deliver a healthy return on your investment and go a long way towards offsetting the initial costs of your system.
All Greenroute partners are approved, accredited and registered with the necessary national schemes to enable you to claim FIT and RHI payments (where eligible).
Funding support from Greenroute
However, if you don't have the initial capital funds available or if your cash flow is allocated to other projects, Greenroute offers two funding options2 that are available for most types of renewable energy system:
1. Capital pay back
Through our relationship with an established finance house,2 we provide up to 100% funding for your renewable technology installation, which you pay back over an agreed period. You immediately gain the benefits of energy and cost savings, as well as collecting any FIT or RHI payments. Once the loan is paid back, the system is fully owned by you, and you continue to enjoy cost savings and Government incentive payments. Your monthly or quarterly loan repayments are likely to be less than the savings you are making on your energy bills, so you will make a net gain from day one - with no initial capital outlay.
2. Lease/loan arrangement
You can lease your system through Greenroute at no cost, with no capital outlay. The system remains the property of the funding provider,2 and any FIT or RHI payments are collected by them. You benefit from reduced energy use and costs from day one, while minimising your impact on the environment. As well as no capital outlay, you enjoy the benefits of a brand new system that is fully serviced and maintained by the funder. It's the no-cost, hassle-free way to save on your energy bills using the very latest renewable energy technology. Once the FIT or RHI payments cease after 25 or 20 years, you will have the option of taking over ownership of the system.
To find out more about renewable technology funding and the options available from Greenroute, please contact us today.
1. Source: Energy Saving Trust.
2. Loans are provided by Siemens Financial Services Limited.