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Solar panels could impair mortgage arrangements

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Written by:
01/06/2012
The Royal Institution for Chartered Surveyors has warned homeowners thinking of installing ‘free’ solar panels that doing so may breach their existing mortgage ruloes and put off potential buyers in the future.
Solar panels could impair mortgage arrangements

The free solar schemes, known as ‘rent-a-roof’ schemes, generate free electricity for the homeowner, while the panel provider is paid a tariff by the Government for electricity passed back into the National Grid.

But RICS says that installing these panels may contravene homeowners’ mortgage terms and conditions, and advises people to check with their lender before proceeding.

As most schemes run for 25 years with no break clause, and are unregulated, RICS warns that they could structurally damage properties not designed to hold them, potentially putting off future buyers.

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