Freetricity has penned a new financing deal with the Australian investment bank Macquaire.

The deal will allow Freetricity and its installation partner, Styles & Wood energy, to fund free residential solar installs on up to 1,500 houses a month.

The company claims that the deal will herald the largest free solar roll-out of its kind in the UK. Freetricity also calculates that the new funding deal will create over 500 new jobs in the industry, whilst adding around 30MW of new solar capacity.

Commenting on the deal, Paul Williams, CEO of Freetricity said: “The solar industry in the UK is growing and we are delighted that this new financial deal will contribute to that, creating over 550 new jobs and stimulating the free solar market for homeowners.”

“The UK needs to believe in solar energy as a real alternative to traditional energy sources and even newer, more controversial energy generation processes such as fracking. Solar energy is a clean form of energy which can be installed on roof tops bringing the homeowner real savings on their energy bills. Free residential solar installations offer completely free solar energy systems to homeowners who pay absolutely nothing yet still benefit from cheaper energy bills.” 

Tony Lenehan CEO of Styles & Wood Energy added: “At a time when many people are struggling with rising energy bills, this project will enable thousands of households to save money while making a contribution to lowering the UK’s carbon footprint.”

A recent study of over 5,500 people by Freetricity revealed that only one in five were aware that companies offered free solar systems in the UK, while 90% agreed that the government should ‘put their weight behind solar’.