Barclays Self Funding Solar Panels

Barclays hit by solar scandal some buyers were misled into thinking rooftop panels would pay for themselves the financial ombudsman service has received complaints from a number of people who.

Barclays self funding solar panels.

Thousands of customers have complained about being mis sold finance for the installation of solar panels on their homes roof according to a bbc news report. In december 2018 the government confirmed its intention to end solar panel incentive payments on 31 march 2019 meaning people who have solar panels installed after this won t receive payments for generating electricity or exporting it to the grid. Meaning if you spent 10 000 to install solar panels you are eligible for 3 000 in tax credits. If your tax liability is 3 500 before you apply the credit it becomes 500 after the credit.

Joan and david rowe from upminster essex fell victim to a door to door solar panel salesman who signed them up for a 14 000 loan claiming they would be better off. Barclays partner finance part of the wider banking group sold financing arrangements for solar panels between 2011 and 2015. The bbc says that two defunct companies pv solar uk and myplanet are accused of mis selling loans from barclays bank to fund domestic solar pv systems supplied and installed by them. The company has set aside 38 5m part of which is to fund payouts to.

Barclays is one of a number of institutions reportedly under investigation over high pressure sales tactics and mis selling of loans to fund domestic solar panels. Shawbrook bank was contacted for comment. Barclays bank has put aside 38m to deal with potential claims.