Money saving guru Martin Lewis warns consumers of free solar panel installation schemes

Money saving guru - Martin Lewis has warned consumers of free solar panel installation schemes during a recent Radio 2 broadcast.

The 'money expert' warned of the pitfalls and dangers of free installation and 'debt-based' installation schemes, where partial installation costs are paid up front with the rest being promised from the savings an installation makes.

As with any financial advice, it's up to homeowners to examine the facts and the paperwork carefully before agreeing to anything.

As the UK's love affair with solar panels continues to grow (by as much as 50% a month), he warns of further offers being forthcoming in an attempt to seduce homeowners and with British Gas now offering their own installation schemes, it won't be long before solar panel salesman are as common as double glazing salespeople.

Read the full report on what Mr Lewis had to say by clicking here.

photo credit: ctd 2005

Getting a solar panel installation for free

You may be aware that certain companies have started offering free solar panel installations. The catch? They get to keep the Governments installation grants and any money from the sale of excess generated electricity that's sold back to the National Grid.

There are usually certain qualifying conditions - re size of roof and direction it faces.

As Martin Lewis' Money Saving Expert consumer website reports, you'll still benefit from lower electricity bills and of course you don't have to find the money for any installation costs.

However, it may be worth checking out the alternative - particularly if you intend to stay in the property for a long time.

There's a useful pro's and con's section in Martin's report as well as some example costs and savings comparisons, depending on whether you install yourself or take advantage of a 'free panels' and the whole consumer piece is well worth a read.

Click here to visit Money Saving Expert's article on free solar panels now.

photo credit: alan cleaver