Engensa has extended its new SolarLoan scheme to cover commercial-scale solar installations. The London-based renewable energy company will be offering a low-interest loan of up to £1 million to help commercial building owners and facility managers easily invest in a solar PV system.
Engensa hopes that its innovative ‘pay-as-you-save’ loan will help businesses, who either found the initial up-front cost of a solar array prohibitive or were unwilling to lease their roofspace to a ‘free solar’ operator, invest in solar. The structure of the SolarLoan means that the recipient benefits from unlimited use of the generated electricity as well as all the associated FiT income. The loan is then repaid over a 10 year period, leaving another decade of associated FiT income and savings.
Toby Darbyshire, Engensa CEO, commented: “In an environment where businesses are struggling to raise finance and cut operational costs, it is a no-brainer to consider solar right now.”
He added: “Forward thinking businesses are naturally looking at energy costs over the long term and investing in solar without tying up significant upfront costs makes real sense.”
Engensa calculates that a typical 150kWp system will generate £789,000 over 20 years against total loan repayment costs of just £296k.
The company is accepting applications for its Solar for business now. Applicants must have over £10 million revenue and three years stable trading history to be eligible.