As the cost of living continues to rise, we may have breathed a sigh of relief and bought ourselves a little light relief with a promised two year energy rate freeze, but the majority of us are still paying more for our energy than we are used to. We’re thinking, hard, if there’s a savvier way to take control of your energy bills.
Harnessing solar energy to help lower household bills
As the price of energy rockets, generating solar power and using it within your own household now offers a far bigger saving than it used to.
Based on Energy Saving Trust estimates, a typical household with a 4.2 kilowatt-peak system can knock off between £210 and £514 a year from energy bills at the upcoming October price cap rates.
Not only can solar panels reduce your energy bills, they can also improve your carbon footprint, too. The Energy Saving Trust has a handy online questionnaire to help you find out if solar panels are right for your property.
Homebuyers can also look to limit their search to properties already boasting solar panels in a bid to benefit from the cost savings and live in a more eco-friendly house.
As well as saving you money on your energy bills, solar panels can also earn you money. In January 2022 the Smart Export Guarantee (SEG) Scheme launched, meaning that households also get paid for exporting surplus household solar energy back to the national grid.
How remortgaging can help facilitate solar panel installation
More and more people are remortgaging their current properties releasing equity to fund home improvements in the hope that the value of their property will increase in the long term. However, remortgaging could also be an option for funding solar panels. Solar power might not only increase the value of your property, but also tick the box for homeowners looking for an energy efficient house to reduce energy bills.
Remortgaging is a means to secure a further advance against your property, increasing the overall amount you owe the lender, or if you don’t have a mortgage, remortgaging might be a solution to securing funds for home improvements without touching personal capital. The more equity you have in your property, the easier it will be to get a mortgage against your property, as it is considered less risk averse for the lender.
Looking to explore your remortgaging options?
If you have been looking into solar panel installation for your property, and want to explore different ways of funding it, then why not book a no-obligation, face-to-face meeting with our mortgage broker, Tony.
Talk to Tony
Talking to an independent mortgage broker will give you an idea of what the current and most suitable remortgage rates are for your individual circumstances. By booking a free online remortgage appointment at a time that suits you, you can discuss topics such as product transfers, potential exit fees and early redemption penalties and gain the knowledge you need to make the right remortgaging decision for you.
Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. A fee may be charged for mortgage advice. The amount will depend on your circumstances.
Skyline Mortgage Consultants Limited is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Skyline Mortgage Consultants LTD registered in England and Wales Number 8157062. Company Registered Office: Heathmans House, 19 Heathmans Road, London SW6 4TJ