Bord Gáis Energy has today launched a new 0% interest finance offer for rooftop solar panels, in partnership with Finance Ireland.
Bord Gáis Energy said its offer is a first for homeowners, and will reduce both the upfront cost and monthly repayments for installing solar panels.
Under the terms of the deal, people will pay an upfront deposit of €99 and can apply to borrow between €4,000 and €10,500 over a two to four year-period with 0% interest and no finance charges.
People do not have to be a current Bord Gáis Energy customer to avail the offer.
Research commissioned by the company found that 64% of people currently considering buying solar panels say the upfront cost and the cost of borrowing is what is holding them back from installing panels.
Bord Gáis Energy said that 83% of those considering solar power say access to a genuine 0% APR payment plan would make them more likely to go ahead in the next year.
When it comes to the reasons people would install solar, financial savings are the strongest motivation, with 72% citing lower electricity bills, while 35% want to use more renewable energy and reducing their carbon footprint.
Catherine Lonergan, Director of Customer and Commercial at Bord Gáis Energy, said that more than 190,000 homes and businesses are already generating their own electricity and over one million homes could potentially be suitable for solar energy.
“Research consistently shows that upfront cost remains the biggest barrier preventing wider participation. The next phase of Ireland’s energy transition is not about awareness. It’s about affordability and access,” Ms Lonergan said.
Damien Daly, Chief Operating Officer at Finance Ireland, said that now more than ever the advantages of solar energy are becoming clearer by the day.
“We share the aim of Bord Gáis Energy to make solar energy more accessible to Irish households and we are delighted to be involved in this innovative, customer friendly initiative,” he added.
Minister for Climate, Energy and the Environment Darragh O’Brien said today’s announcement marks a significant step forward by Bord Gáis Energy.
“I am confident it will make rooftop solar a more accessible option for households across the country,” Mr O’Brien said.
“Initiatives such as this from the energy sector can help make rooftop solar more affordable and encourage more households to make the switch to renewable energy. Against the backdrop of the geopolitical challenges affecting energy prices this winter, every effort we can make collectively to support the move towards renewables is welcome,” he added.
