Let me say right off the bat that there is a “down side” to this program in that ownership is never transferred to the tenants. In other words, in most leasing arrangements after a number of years the tenants take ownership of the solar panels. Under this program it appears that the “leasing arrangement” lasts forever. Still I would definitely participate if given the opportunity. The Dutch are really smart folks.
Press Release: Foreign investment to help tenants save up to £192M a year in energy bills
2nd September 2017
- Department for International Trade helps secure £160 million of capital expenditure into UK renewable energy backed by Dutch investors
- Investment will unlock £1 billion solar panel installation programme that will result in annual energy savings of up to £192m for 800,000 households
International Trade Minister Greg Hands today welcomed £160 million of capital expenditure into UK renewable energy backed by Dutch investors, the first step in a £1 billion programme to give over 800,000 poorer households access to cheap solar electricity.
The investment from Maas Capital (part of the ABN AMRO Bank), secured thanks to Department for International Trade (DIT) support, will help fund solar panels from UK firm Solarplicity to produce electricity for affordable housing across England and Wales.
The scheme will see Solarplicity partner with social housing providers to install panels on their housing stock, creating a Community Energy Scheme where tenants benefit from long-term guaranteed discounts on their bills. Around 100,000 households will receive panels in the next 18 months, and 800,000 in the next five years.
The panels will be free to social housing tenants, reducing their energy bills by an average of £240 a year, saving up to £192 million in total, with 100% renewable electricity.
The deal will also create over 1,000 new jobs to install and maintain the panels. Many of these jobs will go to veterans from the armed forces, as Solarplicity helps re-train them into new maintenance careers.
Speaking from a social housing development in Ealing, West London, where new solar panels are being installed, Minister Hands said:
Go there and read. More next week.