Abundance and ShareSolar launch £10m solar cashback scheme

Abundance and ShareSolar have launched a £10 million green cashback scheme for households who adopted domestic solar panels before April 2012.

The initiative will mean that solar panel owners can effectively convert their future feed-in-tariff (FiT) payments into a single payment averaging around £11,000.

Investors in the project are provided with an effective rate of 6.5 per cent over a 20-year term and it is aims to raise between £400,000 and £1.3 million in its first tranche.

Abundance co-founder and joint managing director Bruce Davis said: “The householders benefit from getting a cash sum upfront which they can then invest in battery technology, energy efficiency or maybe an electric car, while still enjoying all the benefits of free green electricity and keeping ownership of their panels.

“Investors benefit from a stable long-term income at a rate better than any deposit account pays. It gives both sides a great deal – a real win-win arrangement – while helping to give positive outcomes to all those supporting solar energy.”

ShareSolar founder Lawrence Buckley said: “Across the UK there are thousands of home owners who stumped up the cash to buy into the solar revolution. Share Solar lets those pioneers get an early cash back on their investment in a greener future.” 

The scheme follows a recent government cut to the FiT for domestic solar of 63 per cent in a bid to cut costs.

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BDC 305 Jun 2023