Are Project Solar Guarantees, too good to be true?
Posted by StandEasyFella@reddit | AskUK | View on Reddit | 14 comments
Just been quoted for some solar panels through Project Solar, the guys great and knowledgable. Big selling point is that they’ll be self-funding and even earn me money selling back to the grid! (At their lowest estimates)
Does anyone have experience with this and are the returns actually accurate?
I have looked at reviews but they often don’t go into any detail. Would love anyone with hands on experience!
Disastrous-Force@reddit
They’re massively expensive. Pick any other installer the price difference will shock you.
£160 per month is basically £2k a year or £20k over 10 years. How long a term have they proposed?
A 5.7kWp system (12x480) with a 10kWh battery is basically about £8k installed with profit these days.
You’ll sell hardly anything back to the grid in winter, my 7.2kWp system sold about £40 worth electricity back to grid between November and March.
For record I’ve sold about the same this week alone.
StandEasyFella@reddit (OP)
It’s a 10 year finance deal. So £4K in interest which is steep. I’m going to get quotes from elsewhere and see what they’re saying!
If you’re doing about £40 a week atm, summer wise you’re looking at like £800 for that period? Seems like some good numbers!
Fit-Bedroom-7645@reddit
Do yourself a favour and avoid any companies offering finance. That's a great indicator that they make their money off the finance, not the solar. Look into a bank loan, or see if your mortgage provider offers green loans for solar upgrades.
oliverprose@reddit
Also check with your energy provider, as some are doing low or zero interest loans to do similar installations alongside boosted outgoing tariffs if you lock in for a year
Disastrous-Force@reddit
The interest on that deal may well be £4k. However they’re walking away with about £8k in profit outside of the interest.
I have a much bigger system than your proposed one so will have more excess during the day where the PV is generating above house daytime load.
You’ll probably do about half my numbers late April to early Sept and yes the summer period is like to net me around £800 between April and September.
My larger system wouldn’t cover your £160 a month rent/finance btw across 12 months, let alone generate a profit.
CarpeCyprinidae@reddit
I got quotes from ProjectSolar buit found that one of their competitors was about £2000 cheaper for near identical spec. i dont get who's paying their prices....
Matterbox@reddit
Project Solar is practically a scam.
scrotalsac69@reddit
Self funding? As in monthly cost is the same as your electricity bills?
Seems unlikely but the general break even for solar and battery is about 6 years I think. Ours is anyway. Will be better when we get an ev
StandEasyFella@reddit (OP)
Are you making any money selling back to the grid above your monthly panel payments?
scrotalsac69@reddit
Not got them yet, in theory we will be a the solar projections are way in excess of our house usage
Fit-Bedroom-7645@reddit
You'd have to tell us what they've said to you in order for anyone to make judgement whether it's likely to be accurate.
StandEasyFella@reddit (OP)
Edited
VandelSavagee@reddit
Bet he said everything you wanted to hear
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