UK Finance welcomes Labour’s solar panel initiative

Ryan Bembridge

May 17, 2019

UK Finance has welcomed the Labour Party’s plan to fit homes with solar panels, but said it will require ongoing management to protect both homeowners and mortgage lenders.

Currently most lenders offer mortgages on properties where the roof space has been leased for solar panels, provided their consent has been obtained and conditions met. For some lenders however it is dependent on their risk appetite.

A UK Finance spokeswoman said: “While we welcome initiatives that support energy efficiency and may help customers reduce their household running costs, if a scheme were to progress it would be important to ensure a good standard of installation and on-going management of the solar panels to protect householders and lenders alike.”

Labour has pledged to fit 1.75 million homes with solar panels if elected, installing panels on a million social homes and offering panels through interest-free loans or grants to a further 750,000 low income households.

The party said the policy would create 16,900 jobs and save 7.1 million tonnes of carbon dioxide per year.

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