Paul installed solar panels and battery storage, using a home energy efficiency loan provided by Lendology CIC, and now feels more confident in managing his day-to-day energy use.
Installing solar panels and battery storage can help homeowners generate renewable electricity and make better use of the energy they produce. For Paul, a homeowner in Bristol, the challenge wasn’t deciding whether solar power was worthwhile – it was finding a way to spread the upfront cost. With support from a home energy efficiency loan, he was able to install solar panels and battery storage and take a step towards greater energy independence.
“We knew it would be good for the environment. But we couldn’t afford to pay for it all at once. We needed a way to spread the cost.”
Paul, homeowner in Bristol
Why Paul Chose Solar Panels
Paul’s home faces south, so it gets plenty of sunshine. It felt like the right place for solar panels. According to the Energy Saving Trust, solar panels can help households generate renewable electricity and reduce reliance on grid energy. The only thing holding him back was the upfront cost.
A home energy efficiency loan from Lendology CIC helped make the work possible by allowing the cost to be repaid through fixed monthly repayments, subject to eligibility.
“When we found out it was possible, it felt like a big step. But we felt supported and it made sense. We’re very pleased we did it.”
Paul, homeowner in Bristol
What Does a Solar Battery Do?
A solar battery stores extra electricity generated by solar panels during the day, which you don’t use during the day. Homeowners can then use that stored energy later, helping them make greater use of their renewable electricity.
Paul’s Experience After Installation
Now, Paul can make some of his own electricity and store it for later. This helps him use more of the energy he produces at home.
“We have a certain degree of self reliance, and we know what we’re doing is sustainable.”
Paul, homeowner in Bristol
Paul says it feels great to know where some of his energy comes from. He feels more confident about managing his day to day energy use and is pleased to be doing something positive for the future.
Any financial benefit from solar panels and battery storage will depend on energy use, export tariffs, and market conditions, which can change over time.
Representative Example (4% fixed interest rate, Representative 4.2% APR)
Borrow £5,000 over 60 months, £92.08 monthly repayments. Total amount repayable = £5,544.96. Loans are subject to status and are typically protected by a Title Restriction. A Title Restriction means that you may not be able to sell your home without our permission unless the loan is fully repaid. This is not a mortgage. Missing payments could affect your credit rating.
Lendology CIC is a community interest company limited by guarantee, registered in England, company number 4512225.
Registered address: Heatherton Park Studios, Bradford on Tone, Taunton TA4 1EU. Lendology CIC is authorised and regulated by the Financial Conduct Authority under firm reference number 675263 for UK credit regulated activities.
Considering Solar Panels in Bristol?
If you’re living in Bristol and want to find out what support may be available, click here: https://www.lendology.org.uk/partner/bristol-city-council/