Tuesday, 31 May 2011

EOS Energy launches £20m solar scheme

UK renewable energy company Eos Energy has announced a £20m scheme that will see it install photovoltaic (PV) panels on private and local authority buildings at no cost.

The Warwickshire-based company has joined a number of solar companies in adopting a business model that offers homeowners free installation. It is one of several companies to adopt a business model targeting the country’s feed-in tariffs through installing solar panels that will get incentive payments under the scheme.

The fairly typical business model sees residential owners forfeiting payments for renewable energy under the tariff, which are harvested by the company instead.

The model can be advantageous for homeowners that cannot afford solar installation, offering free electricity and installation costs.

The UK solar industry has come under fire for high upfront costs associated with the installation of solar systems, which by law must be done by an expensive and qualified engineer. Rooftop arrays capable of generating solar power for homes and small buildings cost in the region of £15,000.

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