Trust Deed Forum - Solar Panels 0% gov loan
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Richiesmith
New Member

3 Posts

Posted - 04 May 2022 :  00:21:31  Show Profile  Reply with Quote
Hi all

Obviously everyone is feeling the pinch with energy priced and cost of living skyrocketing recently. My elec company are changing my DD from 51.00 to a suggested 142.00 per month.

Honestly itís not really affordable and I have been looking into ways to offset this.

I had a quote for solar panels and a battery to be fitted making me 99% self sufficient with only standing charges left over but to get this I would be applying for the (Scotland only) government scheme where they provide an interest free loan for X years to repay this installation. Based on the quote it would be around 87.00 per month.

I was looking to see if anyone has any experience of this, what you think my odds would be in getting this loan approved and whether the trustee would see issue with this as all I am trying to do is future proof and sort my energy out.

Thanks

Richard

TDA (Debt Adviser)
Trust Deed Expert



13939 Posts

Posted - 04 May 2022 :  09:11:32  Show Profile  Reply with Quote
Hi Richiesmith,

Obviously a lot of people are now having to pay a lot more for energy. One thing to consider is that your trust deed payment should remain based upon affordability and there may be scope to reduce it if your costs are increasing without an equivalent increase in income.

I'm not sure what criteria is applied to government loans to cover the installation of solar panels. In general terms however, the only way you can find out whether you qualify for finance is usually to apply for it.

From your trustee's perspective, I guess the main question would be whether taking this route would increase your costs and affect your ability to contribute into your trust deed.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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