Dulas to offer financing for commercial Solar PV installations
- Published: Thursday, 27 February 2014 14:00
Businesses in England and Wales are to be offered business friendly commercial loans to purchase and install solar photovoltaic (solar PV) installations thanks to Dulas Ltd, one of the UK’s longest established renewables businesses, which has become an approved supplier of the Carbon Trust’s Energy Efficiency Financing Scheme.
The innovative financing scheme, delivered through Siemens Financial Services, provides favourable commercial loans to enable businesses to install solar PV and other renewable technologies without the need for considerable up-front capital expenditure, with repayments scheduled over time.
An effectively installed solar PV system will allow businesses to generate their own electricity to power their day to day functions, meaning loan repayments can be offset against earnings from the Feed in Tariff System (FITs) and money saved on energy bills.
Sanjay Bowry, CEO of Dulas Ltd, said: “With trade body Energy UK predicting energy prices will rise 46% by 2020, those business that currently purchase their electricity from the grid are going to face an uphill battle to manage their energy overheads. We’ve already witnessed a large number of businesses taking matters into their own hands by installing renewable technology to generate their own power.
“The Energy Efficiency Financing Scheme will enable businesses to install their very own solar PV systems without the need for a costly up-front payment. With the reductions in their energy overheads and income from FITs and electricity export, businesses that sign up for the scheme will effectively be repaying their loans and purchasing the equipment with the savings on their fuel bills. It’s a win-win situation.”
Having the ability to harness free energy from solar PV is already providing many businesses with a means to safeguard themselves against spiralling energy costs and its popularity is growing. Recent Government figures released in the annual Digest of UK Energy Statistics showed that electricity production from renewable energy sources in 2012 was up by almost 20% on the previous year and accounted for over 11% of all electricity generated in the year.
Dulas has recently delivered Solar PV installations for a number of leading businesses with high energy requirements, including CKI tools, Bonaprene, Phonenix Optical and Talybont-based publishers y Lolfa, which installed over 100 solar panels to the roof of its printing press.
Dulas will offer the scheme to commercial companies who have been trading for over three years, subject to credit checks.