While installing a solar PV system and being able to generate free electricity is certainly very appealing, we know that the upfront cost of installation can be a barrier for some homeowners. Fortunately, there are several financial support options available, from government grants,to subsidies and green mortgages, which are designed to make solar power more accessible than ever. 

We understand that navigating these financial options can be overwhelming, and while we can not advise on the best type of funding to apply for, we will be sharing some of the options in this short blog. Before making any decisions, please ensure you take the time to review the information provided carefully, and understand what the long-term implications of any agreement might be. 

Government Grants and Incentives

The UK government periodically offers incentives to support the adoption of renewable energy. While the Green Homes Grant scheme has ended, there are still options available.

• ECO4 (Energy Company Obligation): This scheme requires major energy suppliers to help eligible homeowners improve energy efficiency, including solar panel installations, under certain conditions.
• Smart Export Guarantee (SEG): Instead of an upfront grant, the SEG ensures you get paid for surplus energy your system generates and exports back to the grid. While this doesn’t reduce installation costs directly, it helps improve the long-term return on investment. You can find out more about the SEG in our short blog, or by contacting your energy supplier.

Subsidies from Energy Companies

Energy suppliers are playing a significant role in promoting renewable energy adoption. As an Octopus Trusted Partner, we are proud to work alongside the energy company offering highly competitive export rates under the SEG, ensuring homeowners receive a fair return for their surplus solar energy. 

Green Mortgages and Financing Options

We’ve been hearing a lot recently about green mortgages, which are allowing homeowners to borrow at preferential rates for energy-efficient home improvements, including solar panel installations.

• Green mortgages offer lower rates or additional borrowing to homeowners who improve their home’s energy efficiency.
• This includes cheaper rates for energy-efficient homes, funds for energy upgrades, and more borrowing for energy improvements.
• By encouraging homeowners to reduce their carbon footprint, green mortgages help make homes more energy-efficient – saving money on energy bills while also increasing property value.

Homes with better EPC ratings (energy performance certificates) can qualify for higher loan amounts, since lower energy bills free up more money for mortgage payments. 

Green mortgages are relatively new in the UK housing market, but several major banks and lenders already offer green finance products, including Barclays, Nationwide Building Society, NatWest, Halifax, and Santander. If you’re interested, it’s worth asking your bank or building society about green mortgage options.

Making Solar More Affordable

Investing in solar energy is a smart financial decision, and with the right funding support, it’s more accessible than ever. Whether you’re looking to benefit from subsidies, explore a green mortgage, or simply want expert advice, Lumos PV is here to help. As a local, trusted solar installer and an Octopus Energy partner, we’re committed to making your transition to solar as smooth and cost-effective as possible.

If you’re considering solar panels, get in touch with Lumos PV today – we’ll guide you through your options and help you find the best solution for your home or business.

How to get started

If you’re ready to take the next step, Lumos PV offers expert solar panel installations tailored to homes, businesses, and temporary structures across Oxfordshire and the Cotswolds. 

Speak to our team to find out how you can start your solar journey >