Product category:
Solar Energy Services
News Release from: Solarcentury | Subject: UK first solar mortgage
Edited by the Buildingtalk Editorial
Team on 07 March 2008
UK first solar mortgage launched
Solarcentury, the UK's leading solar energy company, and Ulster Bank are introducing the innovative new product which is available for both existing and new mortgage customers in Northern Ireland.
The UK's first solar mortgage has been launched in Northern Ireland It offers significantly discounted borrowing for the purchase and installation of the latest solar photovoltaic technology as well as full management of supply and installation through an arrangement with Solarcentury
This article was originally published on Buildingtalk on 18 Dec 2003 at 8.00am (UK)
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The deal with Solarcentury also includes full support of the customer through any building control, planning or grant applications.
The new mortgage is viewed as an innovative step from the financial and renewable energy communities.
Reflecting a rising interest in solar power as an investment for the home, the decision by Ulster Bank to offer the product demonstrates a belief that this trend is set to continue.
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The mortgage is being trialled in Northern Ireland prior to wider roll out later in the year.
The mortgage offers a 50 per cent reduction on Ulster Bank's standard variable rate for three years to cover the cost of purchasing and fitting the solar photovoltaic technology, in addition to the convenience of the whole process being handled by a leading provider.
Derry Newman, CEO, of Solarcentury says: "We are delighted to be working with Ulster Bank in launching such an innovative product that makes solar more accessible and affordable".
"Solar photovoltaic technology is a clean, reliable and readily available alternative to fossil fuels, which generates clean electricity, producing power directly from daylight".
He adds: "We are particularly pleased to offer our own photovoltaic roof tile, which is manufactured in the UK including components from suppliers in Northern Ireland".
"This integrates seamlessly into the roof, adds value to properties and significantly reduces the exposure to the homeowner from future energy price rises".
Ulster Bank Head of Mortgages, Derek Wilson, says: "Mortgages are an extremely important part of our business and we consider this to be a significant innovation in the marketplace as well as an important step in helping bring domestic renewable energy technology into the mainstream"".
""This new product will help make installation of solar panels much more affordable and cost effective and provides reassurance to homeowners because the whole process is managed by a pre-approved, high quality supplier and installer".
Dr Andy McCrea, Director of Northern Ireland's renewable energy champion, Action Renewables, welcomed the new solar mortgage".
""Ulster Bank is leading the way in Northern Ireland and in the wider UK mortgage market with the introduction of this solar mortgage".
"We consider this to be an extremely significant development which will help make solar technology more affordable and will help further raise awareness of the important issue of addressing climate change".
"I would urge homeowners to consider the product as a convenient and cost effective means of reducing their carbon footprint".
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