Europe’s First ‘Solar Mortgage’
by AER Staff on Monday 25 February 2008
Source: Alternative Energy Resource AER
http://www.aer-online.com/e107_plugins/content/content.php?content.1317
In what is believed to be a European first, Ireland’s Ulster Bank announced plans to test a “solar mortgage” for customers seeking to buy and install solar panels. QSWeek.com reports the Northern Irish wing of the Dublin-based bank will offer 50% discounts over three years on the bank’s variable rate for customers interested in obtaining photovoltaic technology for their homes. While other banks have created programs designed to provide funding for renewable energy installations, this is the first to specifically target solar projects.
The solar mortgage was developed with solar product manufacturer Solarcentury Action Renewables, a Northern Irish promoter and developer of renewable energy initiatives. The mortgage, which covers the cost of management of supply and installation, will be tested through August, at which point the bank will determine whether it will become a permanent product offering.
The solar mortgage is only for residential installations, and no plans were announced for a commercial loan equivalent.