GreenEcoNet

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Installation of solar panels

Emily Benson's picture

Specialist renovation specialist, Interior Concepts, reduced their bills and carbon footprint by taking up a local energy efficiency financing plan to invest in solar panels.

Colin Wells, owner of Interior Concepts Ltd., wanted to reduce the carbon footprint of the company and to lower electricity costs rising so he turned to the energy efficiency financing (EEF) regime, a joint-venture between the Carbon Trust and Siemens. The scheme aims to provide funding for energy efficient equipment and renewable energy, where savings in energy costs can be charged to the cost of equipment, actually make the investment zero cost net or even cash.

The company invested £6143 in solar panels, which have been delivered and mounted by Powercor Electrical Services Limited. A Carbon Trust balance sheet estimate of the costs and benefits of the panels estimated a return on the inital investment of 6 to 8 years. An energy efficiency financing plan was then able to offer Interior Concepts a monthly financing arrangement, which meant that the equipment payments were offset by the value of the energy produced. The solar panels were so successful that a year later Interior Concepts installed a second set of 2 kW panels.

By October 2014, Interior Concepts will consume about 1316 kWh of energy annually and will be likely to produce over 3000 kWh from PV energy. Using this technology, the company is reducing the energy being consumed and will have a surplus of electricity - making a positive cash flow investment. The excess will be returned to the electricity grid, making the office carbon neutral.

Further details

How was the green solution financed?: 
Emission reductions description: 
1, 460kWh
Regulatory framework prerequisites and constraints?: 

The Feed In Tariff (FIT) makes a big difference. You are paying 10p/KWH for regular energy. By producing your own energy, the board is paying you 48p/KWH and it is indexed linked, so it really is a win-win solution.